A Pty Ltd as trustee For the Storrer Family Trust and Anor and N Pty Ltd Ors

The parties to this proceeding were A Pty Ltd as trustee for the Storrer Family Trust and another (the Applicants) and N Pty Ltd and others (the Respondents). The dispute concerned various financial entitlements and the valuation and purchase of shares and units. The matter was heard by Hogan J.

The court was required to determine the amounts payable by the respondents to the applicants for unpaid leave entitlements, estimated unpaid present entitlements, outstanding unitholder entitlements, and unpaid fully franked dividends. Further issues included the valuation and purchase of shares held by the first applicant in the first respondent, and the purchase of units held by the first applicant in The N Property Trust. The court also needed to determine the purchase price for shares held by the second applicant in the second respondent.

Hogan J ordered the first respondent to pay specific sums for unpaid leave entitlements and dividends, with interest. The court also directed that the thirteenth or second respondent pay a substantial sum for estimated unpaid present and unitholder entitlements, with further entitlements to be agreed or determined by the court. The first respondent was ordered to purchase the first applicant's shares in the first respondent and its units in The N Property Trust at a price to be agreed or determined by the court. The second respondent or other specified respondents were ordered to purchase the second applicant's shares in the second respondent for a set price.

The court further made detailed directions regarding the engagement of accountants and valuers to facilitate the calculation of unpaid entitlements, dividends, and the valuation of shares and units. These directions included specific assumptions to be made in the valuations and calculations, such as the beneficial ownership of properties, the entitlement to rent, the treatment of certain trust assets, and the liability for trust proceeds. The respondents were directed to provide extensive financial disclosure to the applicants. The matter was listed for mention to discuss further directions.