CC v RAM [2012] NSWSC 1555

CC v RAM [2012] NSWSC 1555

Before appointing a trustee company as financial manager where investment management will be outsourced, the court requires clarification of the proposed arrangements and formal undertakings from the manager and adviser that any remuneration received is disclosed and any third-party rewards are accounted for to the protected person's estate.

Jurisdiction
Australia
Judgment Date
14 December 2012
Procedural Posture
Equity Protective List (guardianship/financial Management) / Interim Judgment Requiring Further Evidence and Undertakings Before Orders May Be Made
Outcome
No final orders made; further evidence and undertakings requested before appointment of financial manager.
Legal Topics
['appointment of Financial Manager' 'outsourcing Investment of Managed Estate' 'disclosure of Remuneration and Conflicts of Interest']
['guardianship' 'equity'] ['appointment of Financial Manager' 'outsourcing Investment of Managed Estate' 'disclosure of Remuneration and Conflicts of Interest']

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Procedural Posture

Equity Protective List (guardianship/financial Management) / Interim Judgment Requiring Further Evidence and Undertakings Before Orders May Be Made

Legal Issues

  1. 1 ["Whether AET should be appointed financial manager of the defendant's estate under the NSW Trustee and Guardian Act 2009 (NSW)" 'Whether the outsourcing arrangement with ipac securities limited complies with statutory and fiduciary requirements' 'What undertakings and disclosures are necessary from the financial manager and investment adviser']

Ratio Decidendi

Before appointing a trustee company as financial manager where investment management will be outsourced, the court requires clarification of the proposed arrangements and formal undertakings from the manager and adviser that any remuneration received is disclosed and any third-party rewards are accounted for to the protected person's estate.

Court Disposition

No final orders made; further evidence and undertakings requested before appointment of financial manager.

Orders

  • ["Plaintiff's solicitor, AET, and ipac to provide further evidence and required undertakings to the court." 'Any affected party may make submissions regarding interim reasons; matter may be listed in court if necessary.']