Basil Notaras v Brinos Notaras [2012] NSWSC 947

Supreme Court New South Wales

Medium Neutral Citation: Basil Notaras v Brinos Notaras [2012] NSWSC 947 Hearing dates: 19 July 2012 Decision date: 19 July 2012 Jurisdiction: Equity Division Before: Rein J Decision: Judgment for the plaintiff. Catchwords: EQUITY - trusts and trustees - where s 17 Superannuation Industry (Supervision) Act 1993 (Cth) requires each member of a self-managed superannuation fund to be a trustee or director of the corporate trustee - where a trustee has breached fiduciary duties owed to the trust and breached s 52(2) of the Act - appropriate to remove that trustee and permit replacement by a corporate trustee connected with the only beneficiary having an interest in the fund, subject to approval by the Australian Taxation Office

EQUITY - trusts and trustees - where trustee breached fiduciary duty owed to the trust - trustee to account for the amount of trust proceeds withdrawn in excess of his entitlement as beneficiary Legislation Cited: Superannuation Industry (Supervision) Act 1993 (Cth) Trustee Act 1925 Cases Cited: Crowle Foundation v NSW Trustee and Guardian [2010] NSWSC 647 Notaras v Notaras [2011] NSWSC 546 Category: Principal judgment Parties: Basil Theodore Notaras (Plaintiff) Brinos Theodore Notaras (Defendant) Representation: Counsel: B DeBuse (Plaintiff) No appearance by the defendant Solicitors: McCooe Raves & Poole (Plaintiff) No appearance by the defendant File Number(s): SC 2011/112756