Barry v Borlas Pty Limited & Ors [2012] NSWSC 831

Supreme Court New South Wales

Medium Neutral Citation: Barry v Borlas Pty Limited & Ors [2012] NSWSC 831 Hearing dates: 12 July 2012 Decision date: 12 July 2012 Jurisdiction: Equity Division - Duty List Before: White J Decision: Make orders 1, 3 and 4 in accordance with the summons. Catchwords: TRUSTS - discretionary trusts - power of court to approve advantageous dealings - alteration of powers conferred on trustees - application by trustee to amend vesting day notwithstanding clause that trustee does not have power to vary trust deed insofar as it fixes vesting day - beneficiaries of trust support proposal - whether in the court's opinion it is expedient that the transaction take place - whether proposed amendment in management and administration of trust property - amendment to advance objectives of trust and minimise tax impacts - s 81 Trustee Act 1925 (NSW) Legislation Cited: Trustee Act 1925 Cases Cited: Stein v Sybmore Holdings [2006] NSWSC 1004 Perpetual Trustees WA Limited v Attorney-General (Western Australia) (1992) 8 WAR 441 Riddle v Riddle [1952] HCA 12; (1952) 85 CLR 202 Category: Principal judgment Parties: Robert Hugh Barry (Plaintiff) Borlas Pty Limited (1st Defendant) Nicholas Hugh Barry (2nd Defendant) Kate Elizabeth McFadyen (3rd Defendant) Andrew McCowan Barry (4th Defendant) Sabrina Gai Barry (5th Defendant) Representation: Counsel: D Barlin (Plaintiff) M Bennett (Defendants) Solicitors: D H Dwyer Forbes & Yeo (Plaintiff) File Number(s): 2012/164816