Aurora Australasia Pty Ltd v Hunt Prosperity Pty Ltd [2025] NSWCA 15

Aurora Australasia Pty Ltd v Hunt Prosperity Pty Ltd [2025] NSWCA 15

There was no enforceable agreement or immediate intention on the part of Mr Driver to create an equitable charge over the units, whether contractually or unilaterally, by his email of 14 July 2023. The Trustee, having indicated its readiness to process the redemption request without contest about the Withdrawal Date or quantum, was obliged to redeem the units in Certificate 3 at the value calculated as at 30 November 2023 ($1,696,472.17), and pay that amount in accordance with the directions of Mr Driver.

Parties
First Appellant: Aurora Australasia Pty Ltd; Second Appellant: David James Driver; First Respondent: Hunt Prosperity Pty Ltd; Second Respondent: AMHP Pty Ltd; Third Respondent: Adam Hartley
Jurisdiction
Australia
Judgment Date
20 February 2025
Procedural Posture
Appeal / Final Judgment
Outcome
Appeal allowed
Legal Topics
Equitable Charges and Liens, Unit Trusts, Trustees' Obligations, Redemption of Trust Units
Equity Equitable Charges and Liens Unit Trusts Trustees' Obligations Redemption of Trust Units

Case Brief

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Parties

Aurora Australasia Pty Ltd

First Appellant

David James Driver

Second Appellant

Hunt Prosperity Pty Ltd

First Respondent

AMHP Pty Ltd

Second Respondent

Adam Hartley

Third Respondent

Procedural Posture

Appeal / Final Judgment

Legal Issues

  1. 1 Whether Mr Driver's email of 14 July 2023 created an equitable charge over units in the Aurora Australasia Fund Unit Trust.
  2. 2 Whether the Trustee was obliged to redeem units in Certificate 3 and pay the claimed amount to the appellants.
  3. 3 Whether pleading and procedural requirements for the claim of an equitable charge were satisfied.

Ratio Decidendi

There was no enforceable agreement or immediate intention on the part of Mr Driver to create an equitable charge over the units, whether contractually or unilaterally, by his email of 14 July 2023. The Trustee, having indicated its readiness to process the redemption request without contest about the Withdrawal Date or quantum, was obliged to redeem the units in Certificate 3 at the value calculated as at 30 November 2023 ($1,696,472.17), and pay that amount in accordance with the directions of Mr Driver.

Court Disposition

Appeal allowed

Orders

  • Allow the appeal.
  • Set aside the declarations and order in (1)-(3) at [155] of the primary judgment.