KHOURY v FITZ-GIBBON [1989] NSWCA 124

KHOURY v FITZ-GIBBON [1989] NSWCA 124

The construction of the partnership and settlement deeds did not permit the goodwill valuation to be attacked on the ground that it failed to deduct the value of clients taken by the outgoing partner, nor did the valuation improperly address the practice rather than goodwill. There was no single 'sum' whose ascertainment was required before payment of the respondent's share of goodwill. The valuation stands; the appeal is dismissed.

Parties
Appellant: Khoury; Respondent: Fitz-Gibbon
Jurisdiction
Australia
Judgment Date
04 October 1989
Procedural Posture
Appeal / Appellate Judgment
Outcome
appeal dismissed
Legal Topics
Dissolution of Partnership, Goodwill Valuation, Interpretation of Partnership Deeds
Partnership Law Valuation Legal Practice Dissolution of Partnership Goodwill Valuation Interpretation of Partnership Deeds

Case Brief

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Parties

Khoury

Appellant

Fitz-Gibbon

Respondent

Procedural Posture

Appeal / Appellate Judgment

Legal Issues

  1. 1 Whether the valuation of goodwill was properly conducted under the partnership deed and settlement deed.
  2. 2 Whether the valuer valued goodwill or the practice as a whole.
  3. 3 Whether any amount was payable under the relevant clause on dissolution or if the respondent's action was premature.

Ratio Decidendi

The construction of the partnership and settlement deeds did not permit the goodwill valuation to be attacked on the ground that it failed to deduct the value of clients taken by the outgoing partner, nor did the valuation improperly address the practice rather than goodwill. There was no single 'sum' whose ascertainment was required before payment of the respondent's share of goodwill. The valuation stands; the appeal is dismissed.

Court Disposition

appeal dismissed

Orders

  • The parties are to bring in, within 14 days, short minutes of order to be made in light of dismissal of appeal and finalisation of other proceedings.
  • The orders are to provide that the appellant pay the respondent's costs of the appeal.