Application by Gainer Associates Pty Ltd

The case involved Gainer Associates Pty Ltd, which sought judicial advice regarding the disposition of assets following the loss of a trust deed. The dispute centred on whether the assets were held under an express trust or if they should be treated as held under a resulting trust. The matter was heard in the Supreme Court of Queensland.

The primary legal issue was whether an express trust had been validly created, or if the failure to locate the trust deed meant that the assets should be held under a resulting trust. The court needed to determine if the terms of the trust were sufficiently certain to create an express trust, or if the lack of documentation necessitated the imposition of a resulting trust.

The court found that the trust deed could not be located, and thus the express trust failed due to uncertainty. The court held that the assets were held on resulting trust for Gainer Associates Pty Ltd. This was because the trust deed could not be found, and the parties' intentions could not be clearly ascertained from other evidence. The court concluded that the assets were held for Gainer Associates Pty Ltd as the legal owner, subject to a resulting trust in the absence of a validly expressed trust.

The court ordered that the assets be held on resulting trust for Gainer Associates Pty Ltd. This means that Gainer Associates Pty Ltd is the legal owner of the assets, but holds them subject to a resulting trust, which will be determined by the court in the future proceedings.