Application of Perpetual Trustee Company Ltd [2003] NSWSC 1185

Application of Perpetual Trustee Company Ltd [2003] NSWSC 1185

As there is currently no event of default, no current jeopardy and the question remains hypothetical, it is neither legally nor commercially appropriate to give judicial advice at present; the matter is adjourned until the foreshadowed event occurs or further facts emerge.

Parties
Plaintiff: Perpetual Trustee Company Limited; Issuer: AMP Group Finance Services Ltd; Guarantor: AMP Group Holdings Ltd; Interested Party: Elliott International LP; Interested Party: The Liverpool Limited Partnership
Jurisdiction
Australia
Judgment Date
03 December 2003
Procedural Posture
Application for Judicial Advice / Interlocutory—summons Adjourned
Outcome
Summons adjourned until foreshadowed event occurs.
Legal Topics
Judicial Advice to Trustees, Trustee's Duties in Corporate Restructures, Events of Default Under Trust Deeds
Equity Trusts & Trustees Judicial Advice to Trustees Trustee's Duties in Corporate Restructures Events of Default Under Trust Deeds

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Parties

Perpetual Trustee Company Limited

Plaintiff

AMP Group Finance Services Ltd

Issuer

AMP Group Holdings Ltd

Guarantor

Elliott International LP

Interested Party

The Liverpool Limited Partnership

Interested Party

Procedural Posture

Application for Judicial Advice / Interlocutory—summons Adjourned

Legal Issues

  1. 1 Whether the trustee is justified in acting on the basis that the implementation of the demerger will not constitute an event of default within the meaning of the trust deed
  2. 2 Whether judicial advice should be given under s 63 Trustee Act 1925 on a hypothetical or premature question

Ratio Decidendi

As there is currently no event of default, no current jeopardy and the question remains hypothetical, it is neither legally nor commercially appropriate to give judicial advice at present; the matter is adjourned until the foreshadowed event occurs or further facts emerge.

Court Disposition

Summons adjourned until foreshadowed event occurs.

Orders

  • Matter stood over part heard before Young CJ in Eq to 18 December 2003 at 10.00am for further consideration and possible amendment of summons.