Bullhead Pty Ltd (ACN 130 124 088) v Brickmakers Place Pty Ltd (in Liq) (ACN 128 994 749) (and others according to the attached schedule) [No 2]

Bullhead Pty Ltd sought relief against Brickmakers Place Pty Ltd and others for breaches of trust, fiduciary duties, and knowing assistance. The case was heard in the Supreme Court of Victoria. The primary legal issues were whether the premature disclosure of a compromise offer before relief was determined required a remitter, the appropriate reductions for equitable relief, the applicable interest rate, and the costs of trial and appeal.

The court held that the premature disclosure of an offer of compromise did not necessitate a remitter, as it had the discretion to determine the relief under Skafidas v ATM Industries Pty Ltd. The court applied equitable principles to reduce the relief for breaches of trust and fiduciary duties, following Ancient Order of Foresters in Victoria Friendly Society Ltd v Lifeplan Australia Friendly Society Ltd. It awarded equitable interest with compound annual rests, applying Talacko v Talacko. The court granted costs on the standard basis for both trial and appeal, noting that the applicant succeeded on appeal based on arguments not raised at trial, and the judgment sum was less than the applicant’s compromise offer.

The court ordered that the equitable relief be reduced by 20% and 25% for the breaches of trust and fiduciary duties, respectively. Interest was awarded at the equitable rate of 6.5% with compound annual rests from the date of the compromise until the date of judgment. The respondents were ordered to pay the applicant’s costs of the trial and appeal on the standard basis.