Cavasinni v Cavasinni [2007] NSWSC 619

Cavasinni v Cavasinni [2007] NSWSC 619

A partner who pays more than the agreed capital contribution is not entitled to interest absent a specific agreement; Frank Cavasinni is not entitled to interest on his excess capital. The accounting should be adjusted to reflect credits and contributions as decided. Costs are to be paid half by Fred Cavasinni and half jointly by Mick and Frank Cavasinni.

Parties
Applicant: Ferdinando Cavasinni; Respondent: Michael Cavasinni; Respondent: Francesco Cavasinni
Jurisdiction
Australia
Judgment Date
20 June 2007
Procedural Posture
Partnership Dissolution/accounting Dispute / Post Enquiry; Review of Associate Justice's Report and Final Orders
Outcome
Report of Associate Justice upon taking of accounts varied; orders for costs apportioned; accounts to be adjusted per these reasons.
Legal Topics
Dissolution of Partnership, Taking of Accounts, Interest on Capital, Costs in Partnership Actions
Equity Partnership Law Civil Procedure Dissolution of Partnership Taking of Accounts Interest on Capital Costs in Partnership Actions

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Parties

Ferdinando Cavasinni

Applicant

Michael Cavasinni

Respondent

Francesco Cavasinni

Respondent

Procedural Posture

Partnership Dissolution/accounting Dispute / Post Enquiry; Review of Associate Justice's Report and Final Orders

Legal Issues

  1. 1 Whether credit to Frank Cavasinni should be $440,000 or $485,000
  2. 2 Whether Associate Judge correctly found $80,000 was paid by Mick Cavasinni
  3. 3 Entitlement to credit for $14,000 contribution in August 1990

Ratio Decidendi

A partner who pays more than the agreed capital contribution is not entitled to interest absent a specific agreement; Frank Cavasinni is not entitled to interest on his excess capital. The accounting should be adjusted to reflect credits and contributions as decided. Costs are to be paid half by Fred Cavasinni and half jointly by Mick and Frank Cavasinni.

Court Disposition

Report of Associate Justice upon taking of accounts varied; orders for costs apportioned; accounts to be adjusted per these reasons.

Orders

  • Accounts to be varied as per reasons (including $440,000 adjustment and $14,000 credit)
  • No interest to be paid to Frank Cavasinni on excess capital