[First, an apology: this awful audio is the result of my own poor microphone management. Sorry!]
“OK. We sold these units. Now what do we do with the money?”
Trustees for sale were appointed to sell a Bondi block of units.
In 2018 the defendant, who was one of the two co-owners/beneficiaries, offered to purchase the property for >$6M.
The sale did not complete.
In 2019 following a sale at $5.8M and payment of various expenses, the trustees held ~$5.3M. The plaintiff – the other co-owner/beneficiary (or, the P having passed away, his executors) – said the amount to be paid to the D should be adjusted due 2018 failed sale: [5]
Any claim against the D for the failed sale is a claim the trustees have, not the P. And any such adjustment would amount to a summary determination of that claim.
The P’s proposed adjustments were not made: [28]
The trustees sought s63 judicial advice on retaining a sum to defend a claim the D hinted at which at the time of the hearing, was not “clearly formulated”: [31]
Having considered matters like legal costs, the amount to be paid if the D succeeded, and the trustees’ right to an indemnity the court gave advice that the trustees would be justified in retaining the sum of $500K: [42]
