Lu v Hua Cheng International [2010] NSWSC 228

New South Wales Supreme Court

CITATION : Lu v Hua Cheng International [2010] NSWSC 228

HEARING DATE(S) : 1- 5 March 2010

JUDGMENT DATE : 31 March 2010

JURISDICTION : Equity

JUDGMENT OF : Gzell J

DECISION : Statement of claim dismissed. Declaration that land holding company holds land on trust for joint venture company. Order joint venture company to reimburse land holding company's loan costs. Order land holding company prevented from seeking purchase price from joint venture company. Order directors of joint venture company to appoint a referee whose decisions are binding under the Corporations Act 2001 (Cth), s 233(1)(j).

CATCHWORDS : EQUITY - Fiduciary Obligations - two joint venturers provide contributions to third joint venturer for purchase of land by their joint venture company - third joint venturer causes another company that he controls to purchase the land - whether under first limb of Barnes v Addy two joint venturers entitled to declaration that land held on trust for them and any defendant who contributed in proportion to such contributions and order for an inquiry as to contributions

Conveyancing Act 1919 LEGISLATION CITED : Uniform Civil Procedure Rules 2005 Civil Procedure Act 2005 Corporations Act 2001 (Cth)

CATEGORY : Principal judgment

Chan v Zacharia (1983-1984) 154 CLR 178 Barnes v Addy (1874) LR 9 Ch App 244 Farah Constructions Pty Ltd v Say-Dee Pty Ltd [2007] HCA 22; (2007) 230 CLR 89 DPC Estates Pty Ltd v Grey [1974] 1 NSWLR 443 CASES CITED : Giumelli v Giumelli [1999] HCA 10; (1998-1999) 196 CLR 101 The Commonwealth of Australia v Verwayen (1990) 170 CLR 394 Muschinski v Dodds (1984-1985) 160 CLR 583 Nichols v Nichols (1986) 4 BPR 97262 Fexuto v Bosnjak Holdings Pty Ltd (1998) 28 ACSR 688 Ghabrial v Romolly Pty Ltd (1990-1991) 5 ACSR 611