MIS Funding No 1 Pty Limited v N W Truskett; In the matter of Willmott Forests Limited [2017] NSWSC 1002

Supreme Court New South Wales

Medium Neutral Citation: MIS Funding No 1 Pty Limited v N W Truskett; In the matter of Willmott Forests Limited [2017] NSWSC 1002 Hearing dates: 6 and 7 July 2017 Decision date: 28 July 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court gives judgment for the Plaintiff in proceedings 2013/258692 and dismisses proceedings 2016/42689 with costs. Catchwords: CONTRACTS — Formation — Acceptance of offer – whether contract formed only if applicant notified of issuer's acceptance of application – conduct of parties

CONTRACTS — Parties — Privity — Agency – where attorney purports to execute contract pursuant to unregistered power of attorney – whether contract of no effect pursuant to Powers of Attorney Act 2003 (NSW) s 52 – whether power of attorney limited by product disclosure statement – whether Court should order that power of attorney be delivered up for cancellation Legislation Cited: - Interpretation Act 1987 (NSW), ss 34(2), 35 - Powers of Attorney Act 2003 (NSW), ss 3, 15, 28, 52 - Trade Practices Act 1974 (Cth), ss 51A, 51AA, 52 Cases Cited: - Bofinger v Kingsway Group Ltd [2009] HCA 44; (2009) 239 CLR 269 - Caboche v Ramsay (1993) 119 ALR 215 - Commonwealth of Australia v Verwayen [1990] HCA 39; (1990) 170 CLR 394 - Con-Stan Industries of Australia Pty Ltd v Norwich Winterthur Insurance (Australia) Ltd [1986] HCA 14; (1986) 160 CLR 226 - Leybourne v Permanent Custodians Ltd [2010] NSWCA 78 - Mineralogy Pty Ltd v Sino Iron Pty Ltd (No 6) [2015] FCA 825; (2015) 329 ALR 1 - Mineralogy Pty Ltd v Sino Iron Pty Ltd [2017] FCAFC 55 - Waltons Stores (Interstate) Ltd v Maher [1988] HCA 7; (1988) 164 CLR 387 Texts Cited: - KR Handley, Estoppel by Conduct and Election (2nd ed, 2016) Category: Principal judgment Parties: 2013/258692 MIS Funding No 1 Pty Limited (Plaintiff/Cross-Defendant) Neil William Truskett (Defendant/Cross-Claimant 2016/42689 Neil Truskett (Plaintiff) Marcus Derham (First Defendant) Willmott Forests Limited (receivers and managers appointed (in liq) (Second Defendant) MIS Funding No 1 Pty Limited (Third Defendant) Representation: Counsel: 2013/258692 C H Cassimatis (Plaintiff/Cross-Defendant) R Freeman (Defendant/Cross-Claimant) 2016/42689 R Freeman (Plaintiff) C H Cassimatis (Third Defendant)