Westfield QLD No. 1 Pty Limited & Anor v Lend Lease Real Estate Investments Limited & Ors [2008] NSWSC 516

New South Wales Supreme Court

CITATION : Westfield QLD No. 1 Pty Limited & Anor v Lend Lease Real Estate Investments Limited & Ors [2008] NSWSC 516

HEARING DATE(S) : 21/05/08, 22/05/08

JUDGMENT DATE : 29 May 2008

JURISDICTION : Equity Division Commercial List

JUDGMENT OF : Einstein J

DECISION : Proceedings to be dismissed.

CATCHWORDS : EQUITY - Trusts - Trusts and trustees - Creation by Court of powers of trustees must be not only "expedient" but also related to management or administration of trust property - Consideration of elements of s 81 Trustee Act 1925(NSW) and section 63 of Trustee Act 1958 (Vic) in terms of sourcing jurisdiction to wind up trusts - Consideration of whether Part 54 rule 3 of Uniform Civil Procedure Rules 2005 provides a jurisdiction to wind up trusts - Consideration of section 67 of Supreme Court Act 1970 - RECEIVERS - Consideration of inherent jurisdiction of the court to appoint receivers - DEADLOCK - Suggested deadlock where Westfield parties and Lend lease parties [as trustee for APPF] each have 50% interest in subject trusts- dispute concerning ownership and management structures of Cairns Central Shopping Centre in terms of appointment of a property manager for the centre - EQUITY - Trusts and trustees - application for orders conferring power to wind up trusts - Court has no power to destroy trusts - WORDS AND PHRASES - "expedient"

Court of Chancery Procedure Act 1852 (Eng) English Rules of Supreme Court, 1883 Equity Act 1901 (NSW), Supreme Court Act 1970 (NSW) LEGISLATION CITED : Supreme Court Rules 1970 (NSW) Trustee Act 1925 (Eng) Trustee Act 1958 (Vic) Trustee Act 1925 (NSW) Uniform Civil Procedure Rules 2005 (NSW)