NSW Caselaw
New South Wales Supreme Court
CITATION : Old v Hodgkinson; Old v McInnes [2008] NSWSC 697
HEARING DATE(S) : 20/05/08
JUDGMENT DATE : 9 July 2008
JURISDICTION : Equity Division
JUDGMENT OF : Young CJ in Eq
DECISION : Decline to adopt the referee's approach to the question of goodwill.
CATCHWORDS : PARTNERSHIP [37]- Dissolution- Whether goodwill ought to be considered in settling the accounts of a dissolved partnership- Goodwill generally has no existence independent from the conduct of the business- Former partners continuing to trade, but now as two separate firms- One new firm apparently making use of components of goodwill of former partnership- Nonetheless goodwill of former partnership must have nil value when taking accounts of former partnership.
260 Oxford Street Pty Ltd v Premetis [2006] NSWCA 96 Federal Commissioner of Taxation v Murry (1998) 193 CLR 605 Geraghty v Minter (1979) 142 CLR 177 CASES CITED : Inland Revenue Commissioners v Muller & Co's Margarine Ltd [1901] AC 217 Robb v Alcock (Needham J, 31.7.78 unreported) Robb v Alcock (1978) 2 BPR 9630 Super Pty Ltd v SJP Formwork (Aust) Pty Ltd (1992) 29 NSWLR 549 Walker v Martin (SAFC, 23.12.1993, unreported - BC 9300519)
1063/04 Fraser Patison Old (P) Hugh Rudyard Hodgkinson (D1) PARTIES : Kenneth John McInnes (D2) 4064/04 Fraser Patison Old (P) Kenneth John McInnes (D1) Hugh Rudyard Hodgkinson (D2)
FILE NUMBER(S) : SC 1063/04; 4064/04
R D Marshall and B A Arste (P) COUNSEL : M Condon (D) L Nikolaidis (S) (Referee)
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