19 Apr 2023
The Court approved the deed under s124 because adult beneficiaries consented, no vested interests of minors/unborn/future beneficiaries would be reduced or removed, the variation is consistent with the settlor's intentions and necessary to address the Trusts Act and family circumstances, and there was no material detriment requiring separate representation.
4 Feb 2021
TPC failed to establish grounds under r 8.19 for most categories; the Court declined all discovery and interrogatory orders sought except it adjourned determination of whether M2's disclosed spreadsheet includes all 'telecommunications' revenue relevant to clause (f) and ordered a conference to resolve that discrete issue; creation of new documents was refused as disproportionate.
12 Jun 2020
The Term Loan Agreement was not a consumer credit contract for the CCCF Act (loan was for an investment/company purpose), so ss 9C and 40 did not apply. The May/June 2011 Deed validly varied the Term Loan Agreement, created a Current Debt of $483,840 and suspended interest pending demand but permitted the lender to demand repayment and seek interest on default. Although the borrower defaulted by failing to make the March 2012 payment under the Deed, interest did not start to accrue until the lender made demand. The 19 March 2018 letter of demand, which fixed a repayment date of 2 May 2018, co…
5 Sept 2016
The Court granted approval under s 64A because the trustees and living beneficiaries unanimously supported the variation, counsel representing the contingent unborn beneficiaries supported the variation, the proposed extension of vesting to the perpetuity date was plainly intended to preserve the family business and the interests of the unborn beneficiaries were properly represented and considered co-extensive with those of current grandchildren, making the variation appropriate and within the Court's protective jurisdiction.
6 Nov 2012
The judge recalled the earlier judgment because he had not considered arguments about trustee appointment other than by deed; justice required recall to permit full consideration of those issues; the judge ordered a further hearing and case management directions while preserving the original construction conclusions and factual findings for the record.
15 Dec 2009
Because the proposed Deed of Variation accorded with the wishes of all present beneficiaries and counsel for potential beneficiaries considered it appropriate, the Court exercised its statutory powers under ss 64 and 64A of the Trustee Act 1956 to approve and order the variation of the Trust Deed dated 28 September 2009.
3 Apr 2007
The Deed of Removal and Appointment effected an absolute assignment of SRL's rights to FTL (executed in October 2003 despite a later effective date), the 28 November 2003 notice alongside subsequent deeds of variation and a later formal demand satisfied s130 notice requirements (or in the alternative there is an enforceable equitable assignment), therefore the defendants have no real defence and summary judgment is entered for Financial Trust Limited for the outstanding debt, interest and costs.
8 Feb 2005
The Deed of Assignment's clause 7 unambiguously bound the assignee and guarantor to the Lease Variations, so the assignee was bound by the Deed of Variation; the dispute was one of interpretation not rectification, and the appropriate relief was a declaration that the appellant is bound by the lease as varied.