In the application of Harris Freidman Pty Limited [2014] NSWSC 511

Supreme Court New South Wales

Medium Neutral Citation: In the application of Harris Freidman Pty Limited [2014] NSWSC 511 Hearing dates: 20 March, 16 April 2014 Decision date: 16 April 2014 Jurisdiction: Equity Division Before: Kunc J Decision: Judicial advice given Catchwords: TRUST AND TRUSTEES - Application for advice - Solicitor holding settlement proceeds under litigation funding agreement - no issue of principle Legislation Cited: Conveyancing Act 1919 (NSW) Trade Practices Act 1974 (Cth) Trustee Act 1925 (NSW) Cases Cited: In the application of NSW Trustee & Guardian [2014] NSWSC 423 Texts Cited: G.P. Stuckey K.C. and D.C. Irwin, Parker's Practice in Equity, 2nd edition, Law Book Co of Australia Pty Ltd, 1949 Category: Principal judgment Parties: Harris Freidman Pty Limited ACN 115 384 677 (First Plaintiff) Scott Maurice Freidman (Second Plaintiff) Representation: Counsel: M.B.J. Lee SC, R. Francois (Plaintiffs) Solicitors: Harris Freidman (Plaintiffs) File Number(s): 2013/320069 Publication restriction: No

EX TEMPORE Judgment 1HIS HONOUR: This is an application by a firm of solicitors, Harris Freidman Pty Limited ("Harris Freidman") for advice under s 63 of the Trustee Act 1925 (NSW) ("the Act") in relation to a sum of money representing settlement proceeds from litigation that was conducted in the Federal Court of Australia. 2Section 63(1) of the Act provides: (1) A trustee may apply to the Court for an opinion advice or direction on any question respecting the management or administration of the trust property, or respecting the interpretation of the trust instrument. 3The Court is satisfied that what is sought is the Court's opinion on a question respecting the management or administration of the trust property and also respecting the interpretation of the trust instrument. The trust property is the settlement funds. The trust instrument is a litigation funding agreement dated 26 April 2013 (the "LFA"), the relevant terms of which I set out below.