LAWTON V. PARKER 40/1930

LAWTON V. PARKER 40/1930

Goodwill should be included in the partnership capital account; valuation should be based on credible evidence and deduction of material assets; costs should follow the ordinary order in partnership proceedings and not be wholly imposed unless justified.

Parties
Appellant: Lawton; Respondent: Parker
Jurisdiction
Australia
Judgment Date
03 October 1930
Procedural Posture
Appeal / Judgment
Outcome
Appeal allowed with costs; appeal against counter claim dismissed; order of Wasley J. set aside; no order as to costs of trial; appellant to pay respondent £200 for capital interest and £57.5.4 for profits; costs of appeal to be set off against amounts payable.
Legal Topics
Goodwill Valuation, Capital Account, Costs
Partnership Law Goodwill Valuation Capital Account Costs

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 1 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Lawton

Appellant

Parker

Respondent

Procedural Posture

Appeal / Judgment

Legal Issues

  1. 1 Whether goodwill should be taken into the capital account of the partnership and at what amount
  2. 2 Appropriate valuation of goodwill
  3. 3 Allocation of costs in partnership proceedings

Ratio Decidendi

Goodwill should be included in the partnership capital account; valuation should be based on credible evidence and deduction of material assets; costs should follow the ordinary order in partnership proceedings and not be wholly imposed unless justified.

Court Disposition

Appeal allowed with costs; appeal against counter claim dismissed; order of Wasley J. set aside; no order as to costs of trial; appellant to pay respondent £200 for capital interest and £57.5.4 for profits; costs of appeal to be set off against amounts payable.

Orders

  • Appeal allowed with costs
  • Appeal against counter claim dismissed