Denis Cassegrain & Ors v Gerard Cassegrain & Co Pty Ltd (in liquidation) & Ors [2015] NSWSC 851

Supreme Court New South Wales

Medium Neutral Citation: Denis Cassegrain & Ors v Gerard Cassegrain & Co Pty Ltd (in liquidation) & Ors [2015] NSWSC 851 Hearing dates: 23 April 2015 Date of orders: 30 June 2015 Decision date: 30 June 2015 Jurisdiction: Equity Division - Corporations List Before: Bergin CJ in Eq Decision: Referee's Report adopted. The defendants to pay equitable compensation. Catchwords: EQUITABLE COMPENSATION – where enquiry referred by consent to referee – whether Court imposed a restriction on the referee in respect of the date of the assessment – general rule in relation to assessment of equitable compensation for breach of fiduciary duty in selling and knowing receipt of shares at an undervalue – applicability of general rule in particular case.

REFERENCE – nature of process – limit of challenge – whether referee's report to the Court should be adopted. Legislation Cited: Uniform Civil Procedure Rules 2005 r 20.14; r 20.23; r 20.24. Cases Cited: AIB Group (UK) plc v Mark Redler & Co Solicitors [2014] UKSC 58; 3 WLR 1367 Agricultural Land Management Limited v Jackson (No 2) (2014) 98 ACSR 615 Akai Holdings Ltd (in liq) v Kasikornbank PCL [2011] 1 HKC 357 Canson Enterprises Ltd v Boughton & Co (1991) 85 DLR (4th) 129 Chocolate Factory Apartments Pty Ltd v Westpoint Finance Pty Ltd [2005] NSWSC 784 Consul Development Pty Limited v DPC Estates Pty Limited (1975) 132 CLR 373 Denis Cassegrain & Ors v Gerard & Co Pty Limited & Ors [2012] NSWSC 403; (2012) 88 ACSR 358 Denis Cassegrain & Ors v Gerard Cassegrain & Co Pty Ltd & Ors (Final Orders) [2012] NSWSC 834; (2012) 264 FLR 392 Denis Cassegrain & Ors v Gerard Cassegrain & Co Pty Limited (in liquidation) & Ors [2014] NSWSC 411 Farah Constructions Pty Ltd v Say-Dee Pty Ltd (2007) 230 CLR 89 Ferrari Investment (Townsville) Pty Ltd (in liq) v Ferrari [2000] 2 Qd R 359 Gerard Cassegrain & Co Pty Limited (in liquidation) v Cassegrain [2013] NSWCA 455; (2013) 305 ALR 687 Libertarian Investments Ltd v Hall [2014] 1 HKC 368 McNally v Harris (No 3) [2008] NSWSC 861 Mordecai v Mordecai (1988) 12 NSWLR 58 Southern Real Estate Pty Ltd v Dellow & Arnold [2003] SASC 318; (2003) 87 SASR 1 Super Pty Ltd (formerly known as Leda Constructions Pty Ltd) v SJP Formwork (Aust) Pty Ltd (1992) 29 NSWLR 549 Target Holdings Ltd v Redferns [1996] AC 421 Warman International Ltd v Dwyer (1995) 182 CLR 544 Youyang Pty Ltd v Minter Ellison Morris Fletcher (2003) 212 CLR 484 Texts Cited: TG Youdan (ed), Equity, Fiduciaries and Trusts (1989, Carswell) DWM Waters, The Law of Trusts in Canada (2nd ed 1984, Carswell) Patrick Parkinson (ed), The Principles of Equity (2nd ed 2003, Lawbook Co) Category: Principal judgment Parties: Denis Cassegrain (1st Plaintiff/Applicant) Catherine Dunn (2nd Plaintiff/Applicant) Patrick Cassegrain (3rd Plaintiff/Applicant) John Cassegrain (4th Plaintiff/Applicant) Gerard Cassegrain & Co Pty Ltd (in liquidation) (1st Defendant/Respondent) Claude Cassegrain (2nd Defendant/Respondent) Felicity Cassegrain (3rd Defendant/Respondent) Anthony Blake Sarks (4th Defendant/Respondent) Representation: Counsel: MA Ashhurst SC/GB Colyer (Plaintiffs/Applicants) DE Grieve QC/PG Bolster (2nd & 4th Defendants/Respondents) RE Raffell (3rd Defendant/Respondent)