CWK Nominees Pty Ltd

CWK Nominees Pty Ltd, as the trustee of a discretionary family trust, applied to the Supreme Court of New South Wales for judicial advice under section 63 of the Trustee Act 1925. The application was made in the context of the trust's investment strategy, which was a matter of significant importance for the beneficiaries. The court was asked to provide guidance on the appropriate actions to take in light of recent market conditions and the trust's investment objectives.

The primary legal issue before the court was whether the trustee had sufficient grounds to seek judicial advice and if the court was obliged to provide such advice. The court needed to determine whether the questions posed by the trustee were within the scope of matters that could be subject to judicial advice under the statute. Additionally, the court had to assess whether the application met the procedural requirements necessary for a valid request for judicial advice.

The court found that the trustee's application was valid and within the scope of permissible inquiries under the statute. It was held that the trustee had properly exercised its discretion to seek judicial advice on the trust's investment strategy. The court determined that the questions posed were appropriate for judicial consideration and that the application complied with the necessary procedural standards. Consequently, the court provided the requested advice, offering guidance on the trust's investment decisions in light of the prevailing market conditions.

The Supreme Court granted the trustee's application for judicial advice, offering detailed guidance on the trust's investment strategy. The court's decision underscored the importance of trustees seeking judicial advice when navigating complex investment decisions, particularly in uncertain market conditions. The final orders of the court included the provision of the requested advice and a directive for the trustee to consider the guidance provided in future investment decisions.