28 Nov 2008
DON ALAN ROBERTSON (AS TRUSTEE OF THE G&A FISHER FAMILY TRUST) V THE OFFICIAL ASSIGNEE IN BANKRUPTCY OF THE PROPERTY OF GRAEME CHARLES FISHER (A BANKRUPT) CA CA587/2007
- Citation
- openlaw-c7ec92db_1935_4c11_9ed4_83938bc608d6.pdf
- Court
- Court of Appeal
The trustees' resolution did not amount to a present irrevocable declaration of trust by Mr Fisher over the initial 10,000 shares because it was a trustees' meeting resolution and not an act by Mr Fisher in his personal capacity; however the 40,000 shares acquired on 12 January 2001 were purchased with trust funds in breach of trust and were therefore impressed with an institutional constructive trust in favour of the Trust, so the Trust held a proprietary interest in those shares and the resulting proceeds and thereby in 112,000 of the 140,000 shares (including bonus issues), leaving $138,86…