Sign up to save your podcasts
Or
Share Graziers Pastoral Pty Limited [2020] NSWSC 1812
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Graziers Pastoral Pty Limited [2020] NSWSC 1812
“Tell ‘em about the legal fees!”
___
A joint venture kicked off by two natural persons, P and D, and involving a number of Cos, fell apart.
A deed was entered into to deal with the wind down.
The deed was between the natural persons and the relevant Cos. It dealt with the appointment of new independent directors to take an arm’s length approach to realising the JV’s assets.
The deed included a provision apparently granting the new directors an indemnity for their costs, paid from the venture’s funds: [3]
One venturer, P, sued: the Cos, the D and the new directors.
Over time, it became apparent the new directors were having the legal costs of their defence paid by the relevant Cos.
P sought an injunction stopping the Cos from paying the new directors’ legal costs.
The new directors said the terms of deed protected them whether by its operation or estoppel, allowing them an indemnity for their legal costs: [4]
Based on the evidence before it, the Court found it unnecessary and undesirable to rule on a fiddly construction or estoppel point on an interlocutory basis: [5], [7]
Instead, the Court required the new directors to disclose their lawyers’ fees to the P and his related entities on a regular basis: [8], [11]
___
If you'd like to contact me my socials are:
https://www.linkedin.com/company/coff...
https://www.youtube.com/channel/UCzo6...
https://www.instagram.com/coffeeandac...
https://www.facebook.com/CoffeeandaCa...
https://twitter.com/coffeeandacase1?l...
#coffeeandacasenote #auslaw
View all episodes
By James d'Apice
5
22 ratings
“Tell ‘em about the legal fees!”
___
A joint venture kicked off by two natural persons, P and D, and involving a number of Cos, fell apart.
A deed was entered into to deal with the wind down.
The deed was between the natural persons and the relevant Cos. It dealt with the appointment of new independent directors to take an arm’s length approach to realising the JV’s assets.
The deed included a provision apparently granting the new directors an indemnity for their costs, paid from the venture’s funds: [3]
One venturer, P, sued: the Cos, the D and the new directors.
Over time, it became apparent the new directors were having the legal costs of their defence paid by the relevant Cos.
P sought an injunction stopping the Cos from paying the new directors’ legal costs.
The new directors said the terms of deed protected them whether by its operation or estoppel, allowing them an indemnity for their legal costs: [4]
Based on the evidence before it, the Court found it unnecessary and undesirable to rule on a fiddly construction or estoppel point on an interlocutory basis: [5], [7]
Instead, the Court required the new directors to disclose their lawyers’ fees to the P and his related entities on a regular basis: [8], [11]
___
If you'd like to contact me my socials are:
https://www.linkedin.com/company/coff...
https://www.youtube.com/channel/UCzo6...
https://www.instagram.com/coffeeandac...
https://www.facebook.com/CoffeeandaCa...
https://twitter.com/coffeeandacase1?l...
#coffeeandacasenote #auslaw
More shows like Coffee and a Case Note
View all
Law Report
25 Listeners
Hamish & Andy
1,119 Listeners
Conversations
856 Listeners
All In The Mind
796 Listeners
The Economy, Stupid
26 Listeners
Politics Now
87 Listeners
If You're Listening
323 Listeners
Unravel
815 Listeners
Full Story
170 Listeners
What's That Rash?
253 Listeners
The Front
49 Listeners
How Do They Afford That?
7 Listeners
15 Minutes with the Boss
11 Listeners
The Fin
19 Listeners
The Case Of
273 Listeners