Validus Advisory Group Pty Ltd v Consolidated Tin Mines Ltd; Consolidated Tin Mines Ltd v Validus Advisory Group Pty Ltd [2018] NSWSC 417

Supreme Court New South Wales

Medium Neutral Citation: Validus Advisory Group Pty Ltd v Consolidated Tin Mines Ltd; Consolidated Tin Mines Ltd v Validus Advisory Group Pty Ltd [2018] NSWSC 417 Hearing dates: 3 April 2018 Date of orders: 03 April 2018 Decision date: 06 April 2018 Jurisdiction: Equity - Commercial List Before: Stevenson J Decision: Cross-claimant entitled to judgment Catchwords: CORPORATIONS — Capital raising — agreement to provide corporate advisory services — whether advisor obliged to hold Australian Financial Services Licence — whether agreement related to the provision of financial services — whether advisor providing financial product advice — whether client entitled to rescind agreement under s 925A of the Corporations Act 2001 (Cth) — whether client gave notice of rescission in reasonable time

EQUITY — Trusts and trustees — Resulting trusts — Quistclose trust — funds advanced on account of fees — funds held on trust — whether funds withdrawn without authority Legislation Cited: Civil Procedure Act 2005 (NSW) Corporations Act 2001 (Cth) Cases Cited: Australasian Conference Association Ltd v Mainline Constructions Pty Ltd (in liq) (1978) 141 CLR 335; [1978] HCA 45 Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 3) [2015] NSWSC 1527 Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 Compass Resources Ltd v Sherman (2010) 42 WAR 1; [2010] WASC 41 David Securities Pty Ltd v Commonwealth Bank of Australia (1992) 175 CLR 353; [1992] HCA 48 Category: Principal judgment Parties: Consolidated Tin Mines Limited (Cross-Claimant) Validus Advisory Group Pty Ltd (Cross-Defendant) Representation: Counsel: M Izzo (Cross-Claimant)