News
Congratulations to Michelle Painter SC for her inclusion in the Doyle's Guide rankings for Leading Wills & Estates Litigation Senior Counsel – New South Wales, 2024.
See the full guide here.
The Supreme Court of New South Wales (Richmond J) has delivered judgment in David & Ros Carr Holdings Pty Ltd v Ritossa [2024] NSWSC 1125, in which Amir Chowdhury appeared (led by Peter Wood and Tom O’Brien and instructed by Arnold Bloch Leibler) for the successful first and second defendants.
The plaintiffs sought declarations and orders for, among other things, the distribution of net assets of a unit trust to the unit holders and the termination of that trust. The plaintiffs also sought a declaration that the unit trust was terminable on reasonable notice by any of the unit holders.
In the alternative, the plaintiffs contended that the affairs of the corporate trustee had been conducted oppressively and sought orders under ss 232 and 233 of the Corporations Act for the winding up of the trustee and the unit trust. In the further alternative the plaintiffs sought the appointment of a receiver to the unit trust pursuant to s 67 of the Supreme Court Act or the inherent jurisdiction of the Court.
Each of the plaintiffs’ claims was dismissed with costs.
See the full judgment here.
The Supreme Court of New South Wales (Slattery J) has delivered judgment in Gemi 193 Pty Ltd v Zhu [2024] NSWSC 1113, in which Andre Zahra SC appeared (leading James Lee of Tenth Floor Chambers and instructed by Amie Crichton and Joshua Carton) for the successful defendant, Mrs Zhu. Justice Slattery rejected financier Gemi's claims against Mrs Zhu in relation to a loan agreement and guarantee procured from her, finding that Gemi's conduct was unconscionable and that Mrs Zhu is entitled to relief setting aside the loan agreement and guarantee by reason of Gemi’s unconscionable conduct and also pursuant to s. 7 of the Contracts Review Act 1980 (NSW). The case demonstrates the sort of conduct by a lender which the courts will not condone and the risk of loan agreements, guarantees and securities being set aside when lenders obtain guarantees in that way.
See the full judgment here.
Congratulations to Thomas Bagley for his inclusion in the Doyle's Guide rankings for Leading Class Action Barristers - Australia, 2024.