Coolbrew Pty Ltd v Westpac Banking Corporation [2014] NSWSC 1108

Supreme Court New South Wales

Medium Neutral Citation: Coolbrew Pty Ltd v Westpac Banking Corporation [2014] NSWSC 1108 Hearing dates: 6 August 2014 Decision date: 15 August 2014 Jurisdiction: Equity Division Before: Darke J Decision: Summons is dismissed with costs. Catchwords: EQUITY - trusts - resulting trusts - money borrowed for the purpose of establishing term deposits to be held as security in the name of another - whether intention to create trust established - whether presumption of resulting trust rebutted Legislation Cited: Taxation Administration Act 1953 (Cth), s 260-5 of Schedule 1 Cases Cited: Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 Byrnes v Kendle [2011] HCA 26; (2011) 243 CLR 253 Calverley v Green [1984] HCA 81; (1984) 155 CLR 242 Charles Marshall Pty Ltd v Grimsley [1956] HCA 28; (1956) 95 CLR 353 Raulfs v Fishy Bite Pty Ltd; Fishy Bite Pty Ltd v Raulfs [2012] NSWCA 135 Re Australian Elizabethan Theatre Trust; Lord v Commonwealth Bank of Australia (1991) 30 FCR 491 Russell v Scott [1936] HCA 34; (1936) 55 CLR 440 Twinsectra Limited v Yardley [2002] UKHL 12; (2002) 2 AC 164 Ultra Thoroughbred Racing Pty Ltd v Commissioner of Taxation [2013] FCA 1300 Texts Cited: P W Young AO, C Croft QC and M Smith, On Equity (2009, Thomson Reuters/​Lawbook Co) Category: Principal judgment Parties: Coolbrew Pty Ltd (plaintiff)Westpac Banking Corporation (first defendant)Martin Swift (second defendant) Commissioner of Taxation (third defendant) Representation: Counsel: J T Johnson (plaintiff) S Docker (first defendant) S Foda (third defendant) Solicitors: Beazley Singleton Lawyers (plaintiff) K&L Gates (first defendant) Australian Government Solicitor (third defendant) File Number(s): 2014/138918 Publication restriction: Nil