SHELDON v SCERRI [2008] NSWSC 892

New South Wales Supreme Court

CITATION : SHELDON v SCERRI [2008] NSWSC 892

HEARING DATE(S) : 11, 12, 13 and 18 August 2008

JUDGMENT DATE : 29 August 2008

JURISDICTION : Equity

JUDGMENT OF : Hall J at 1

DECISION : On the plaintiff's claim in debt, there is, by consent, judgment for the plaitniff for the amount claimed. Judgment in favour of the cross-defendant on the cross-claim.

CATCHWORDS : TRUSTS – relationship of accountant and client – professional fees owing to accountant/cross-defendant at time of agreement to purchase shares – proposal by client (cross-claimant) to buy shares on a "tip" that same would escalate in value in two weeks – profit to be credited – no trust created – contract made conferring a benefit on the client as distinct from a company controlled by him

LEGISLATION CITED : Civil Procedure Act 2005

PARTIES : Peter SHELDON v Steven John SCERRI & ANOR

FILE NUMBER(S) : SC No 2757 of 2007

COUNSEL : P: D D Knoll D: P A Beale

SOLICITORS : P: Leon M Ratner & Associates D: McGrath Dicembre & Co

IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION

HALL J

FRIDAY 29 AUGUST 2008

No 2757 of 2007

PETER SHELDON v STEVEN JOHN SCERRI & ANOR JUDGMENT 1 HIS HONOUR: These proceedings concern a claim by the plaintiff/cross-defendant for professional fees and a cross-claim by the first defendant, Mr Scerri, a former client of the plaintiff, in which an order for specific performance of an alleged trust is sought and an order for the transfer of shares or an equivalent number of shares is claimed. Alternatively, Mr Scerri, as cross-claimant, claims damages for alleged breach of trust or alleged breach of contract.