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

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

Court adopted Referee's report finding the defendants breached fiduciary duty in transferring shares at undervalue; compensation is appropriately assessed at the date of breach (January 2005) considering substantial asset changes and requirements of justice; Felicity as knowing recipient is jointly and severally liable.

Jurisdiction
Australia
Judgment Date
30 June 2015
Procedural Posture
Principal Judgment / Post Referee's Report, Motion for Adoption of Referee's Report and Final Orders
Outcome
Referee's report adopted; equitable compensation awarded.
Legal Topics
['equitable Compensation' 'breach of Fiduciary Duty' 'knowing Receipt' 'valuation of Shares' 'reference to Referee' 'assessment Date of Compensation']
['equity' 'corporations'] ['equitable Compensation' 'breach of Fiduciary Duty' 'knowing Receipt' 'valuation of Shares' 'reference to Referee' 'assessment Date of Compensation']

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Procedural Posture

Principal Judgment / Post Referee's Report, Motion for Adoption of Referee's Report and Final Orders

Legal Issues

  1. 1 ['Whether the Court imposed a restriction on the referee in respect of the date of assessment' 'Appropriate date for assessment of equitable compensation for breach of fiduciary duty' 'Applicability of general rule for assessment of equitable compensation' "Whether referee's report should be adopted"]

Ratio Decidendi

Court adopted Referee's report finding the defendants breached fiduciary duty in transferring shares at undervalue; compensation is appropriately assessed at the date of breach (January 2005) considering substantial asset changes and requirements of justice; Felicity as knowing recipient is jointly and severally liable.

Court Disposition

Referee's report adopted; equitable compensation awarded.

Orders

  • ['Second, third and fourth defendants (Claude Cassegrain, Felicity Cassegrain, Anthony Blake Sarks) to pay equitable compensation of $2,596,039 jointly and severally to Gerard Cassegrain & Co Pty Ltd (in liquidation)' 'Compensation comprises $784,923 for CaTTO share and $1,811,116 for OAL shares' 'Interest to be...