Westpac Banking Corporation ACN 007 457 141 and Ors v. Bell Group Ltd ACN 008 666 993 (In Liq) and Ors
Lower Court Judgment
17/08/2012 Supreme Court of Western Australia (Court of Appeal) (Lee AJA, Drummond AJA, Carr AJA)
Equity – fiduciary duty – Judicial review – Whether courts can intervene to review the exercise of powers by directors on the basis of a lack of reasonable grounds for decision.
Equity – Fiduciary duty – Breach – Remedies – Equitable compensation versus account of profits – Whether compound interest should be utilised for restitutionary purposes – If so, whether the appropriate measure of compound interest can be determined – Whether on appeal the measure of compound interest was “grossly excessive” or a simple disgorgement of profits.
Equity – Fiduciary duty – Barnes v Addy – Particularisation of breach of fiduciary duty by directors – Whether recipient liability is available against a person who enters an executory transaction with a company involving a balance of rights and obligations that are performed on both sides before any act of avoidance – Whether accessorial liability requires a dishonest and fraudulent design by the trustee.
15/03/2013 Hearing (SLA, Melbourne)
27/03/2013 Notice of appeal
23/04/2013 Hearing (Single Justice, Canberra)
07/06/2013 Written submissions (Appellants)
12/07/2013 Written submissions (Respondents)
05/08/2013 Reply (Appellants)
15/08/2013 Reply (Respondents)
28/08/2013 Consent order
10/09/2013 Hearing (Full Court, Perth) - vacated
10/04/2014 Hearing (Single Justice, Canberra)
01/07/2014 Consent order discontinuing appeal