Cousins Securities Pty Ltd and Ors v CEC Group Limited and Anor and CEC Group Limited v Cousins Securities Pty Ltd and Ors

In the case of Cousins Securities Pty Ltd and Ors v CEC Group Limited and Anor and CEC Group Limited v Cousins Securities Pty Ltd and Ors, the Queensland Supreme Court dealt with a complex dispute arising from a joint venture involving the acquisition and development of land. The primary issue before the court was whether a caveat lodged to protect part of the land, a house block yet to be subdivided, was valid and enforceable. The principal caveators argued that the promise to transfer contained in the joint venture agreement was enforceable under section 55 of the Property Law Act 1974. The court had to determine if the requirements of section 55 were satisfied and if a constructive trust arose. Additionally, the court examined whether the applicant for removal of the caveat had fiduciary duties or was in breach of any such duties.

The court held that the principal caveators, who were not parties to the joint venture agreement, could not rely on section 55 to enforce the promise to transfer. The court also rejected arguments that the caveat was defective or had lapsed. Furthermore, the statement of claim was found to be defective, with several paragraphs being struck out, though leave to replead was granted. The court determined that the proceedings brought to support the caveat were sufficient. Ultimately, the application for removal of the caveat was refused, and various paragraphs of the statement of claim were struck out with leave to amend. The court also granted leave to amend the claim to include declaratory relief.