Baxter Global Investments Pty Ltd (ACN 159 246 670) v Marco [2020] NSWSC 1293

Baxter Global Investments Pty Ltd (ACN 159 246 670) v Marco [2020] NSWSC 1293

An express trust was created over the principal sums advanced by the plaintiffs to Mr Marco pursuant to the 25 October 2018 Declaration of Trust and surrounding circumstances, entitling the plaintiffs to declaratory relief that Mr Marco holds those sums on trust and to damages for the agreed rate of return due under the agreement.

Jurisdiction
Australia
Judgment Date
22 September 2020
Procedural Posture
Equity Commercial List / Principal Judgment
Outcome
Declaratory relief and judgment for damages for agreed rate of return in favour of plaintiffs; costs against first defendant; matters reserved for further orders and directions.
Legal Topics
['express Trusts' 'intention to Create Trust' 'private Placement Program Arbitrage Transactions' 'breach of Investment Agreement' 'declaratory Relief' 'damages' 'party Party Costs']
['equity' 'trusts' 'commercial Law'] ['express Trusts' 'intention to Create Trust' 'private Placement Program Arbitrage Transactions' 'breach of Investment Agreement' 'declaratory Relief' 'damages' 'party Party Costs']

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Procedural Posture

Equity Commercial List / Principal Judgment

Legal Issues

  1. 1 ['Whether principal sums invested are held on trust by Mr Marco for the benefit of the plaintiffs' 'Whether a declaration to that effect should be made' 'Whether Mr Marco breached the Agreement by failing to repay the agreed rates of return so as to be liable to pay damages']

Ratio Decidendi

An express trust was created over the principal sums advanced by the plaintiffs to Mr Marco pursuant to the 25 October 2018 Declaration of Trust and surrounding circumstances, entitling the plaintiffs to declaratory relief that Mr Marco holds those sums on trust and to damages for the agreed rate of return due under the agreement.

Court Disposition

Declaratory relief and judgment for damages for agreed rate of return in favour of plaintiffs; costs against first defendant; matters reserved for further orders and directions.

Orders

  • ['Declare the First Defendant holds $2,057,075 on trust for the First Plaintiff (Baxter Global Investments Pty Ltd) pursuant to the Declaration of Trust dated 25 October 2018.' 'Declare the First Defendant holds $390,308 on trust for the Second Plaintiff (Batchelar Group Investments Pty Ltd as trustee for Batchelar...