Coolbrew Pty Ltd v Westpac Banking Corporation [2015] NSWCA 135

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Coolbrew Pty Ltd v Westpac Banking Corporation [2015] NSWCA 135 Hearing dates: 18 March 2015; 4 May 2015 Decision date: 22 May 2015 Before: Leeming JA, Bergin CJ in Eq, Sackville AJA Decision: 1. Appeal dismissed. 2. The appellant pay the costs of the appeal of the first respondent (Westpac Banking Corporation) and the second respondent (Deputy Commissioner of Taxation). Catchwords: EQUITY – trusts – bank lends funds to a company – the funds are used by the company to enable an individual to deposit funds in a term deposit with the bank – the deposit is security for a loan by the bank to a related company – whether the first company and the depositor intended to create a trust attracting the principles stated Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 – short form judgment Legislation Cited: Bankruptcy Act 1966 (Cth), s 58(3)(b) Taxation Administration Act 1953 (Cth), Sch 1, s 260-5

Supreme Court Act 1970 (NSW), s 45(4)

Uniform Civil Procedure Rules 2005 (NSW), r 51.55 Cases Cited: Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 Collins v Tabart [2007] NSWCA 78 Collins v Tabart [2008] HCA 23; 82 ALJR 1521 Coolbrew Pty Ltd v Westpac Banking Corporation [2014] NSWSC 1108 Re Australian Elizabethan Theatre Trust; Lord v Commonwealth Bank of Australia (1991) 30 FCR 491 Category: Principal judgment Parties: Coolbrew Pty Ltd (Appellant) Westpac Banking Corporation (First Respondent) Deputy Commissioner of Taxation (Second Respondent) Paul Leroy as trustee of the Bankrupt estate of Martin Swift (Third Respondent) Representation: Counsel: J T Johnson (Appellant) S Docker (First Respondent) Ms S Foda (Second Respondent) Submitting appearance (Third Respondent)