Crawley v Short [2009] NSWCA 410

Reported Decision: 76 ACSR 286

New South Wales Court of Appeal

CITATION: Crawley v Short [2009] NSWCA 410

HEARING DATE(S): 19-21 October 2009

JUDGMENT DATE: 16 December 2009

JUDGMENT OF: Allsop P at [1]; Macfarlan JA at [5]; Young JA at [8]

DECISION: Appeal allowed in part. Cross appeal allowed in part. Parties to bring in short minutes of order in accordance with the reasons (to deal with calculations of adjustments).

CATCHWORDS: CORPORATIONS - oppression- numerous instances of oppression by director of companies- remedies- appropriate remedy a compulsory purchase order- valuation of shares. CORPORATIONS - oppression- remedies- compulsory buy-out order- valuation of shares- company's assets solely land and business- relevance of capital gains tax (CGT) liability when sold- whether CGT deducted from value-whether selling costs to be deducted from gross proceeds. EQUITY - general principles- equitable defences- laches and delay- elements of laches- degree of knowledge of wrongdoing required depends on facts in all the circumstances- applicability of defence to oppression suit. EQUITY - fiduciary duties- directors' duties to shareholders- when owed to shareholders. REAL PROPERTY - valuation of land- highest and best use- special value irrelevant in prevailing circumstances.

Civil Procedure Act 2005, ss 56, 57, 58, 59, 60 LEGISLATION CITED: Corporations Act 2001 (Cth), ss 140, 233 Corporations Law (Cth), s 260 Evidence Act 1995, s 81

CATEGORY: Principal judgment

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