Puddick v Dyamond Developments Pty Ltd [2019] NSWSC 431

Supreme Court New South Wales

Medium Neutral Citation: Puddick v Dyamond Developments Pty Ltd [2019] NSWSC 431 Hearing dates: 1 February 2019 Decision date: 18 April 2019 Jurisdiction: Equity Before: Robb J Decision: (1) As per [111], the Court will hear the parties on the terms of any appropriate orders to give effect to these reasons for judgment, and to make provision for the further conduct of these proceedings.

(2) Subject to [112], order that the defendants pay the plaintiffs' costs of the proceedings. Catchwords: EQUITY — Trusts and trustees — Resulting trusts — Quistclose trusts — Obligation to return monies when purpose for which trust was set up has failed

EQUITY — Trusts and trustees — Breaches of trust — Misappropriation of trust property — Actual knowledge of breach

EQUITY — Trusts and trustees — Liability — Circumstances in which Equity will find a person liable as if they were the trustee Cases Cited: Baden v Société Générale pour Favoriser le Dévelopment du Commerce et de l'Industrie en France SA [1992] 4 All ER 161 Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 Barnes v Addy (1874) LR 9 Ch App 244 Farah Constructions Pty Ltd v Say-Dee Pty Ltd (2007) 230 CLR 89; [2007] HCA 22 White v Shortall (2006) 68 NSWLR 650 Category: Principal judgment Parties: Justin Frank Puddick (first plaintiff) John Edward Puddick (second plaintiff) Dyamond Developments Pty Ltd (first defendant) George Hatzipapas (second defendant) Gaks Investment Holdings Pty Ltd (third defendant) Representation: Counsel: Dr E Peden (plaintiffs) D Allen (defendants)