Mirvac Funds Management Ltd in its capacity as responsible entity of Mirvac Industrial Trust

In the case of Mirvac Funds Management Ltd in its capacity as responsible entity of Mirvac Industrial Trust, the court was approached by the entity seeking judicial advice regarding the entry into a trust scheme. The primary parties involved were Mirvac Funds Management Ltd, acting on behalf of the Mirvac Industrial Trust, and the unitholders of the trust. The dispute centred on whether the court should provide opinion, advice, and directions concerning the proposed trust scheme, particularly in light of the majority vote in favour of the scheme by the unitholders.

The legal issues before the court included determining whether the court had the jurisdiction to provide the requested judicial advice under the Trustee Act 1925 (NSW). Additionally, the court needed to consider the implications of the majority vote by the unitholders in favour of the trust scheme and assess whether any party had effectively opposed the scheme. The court was tasked with balancing the need for judicial oversight with the autonomy of the trust and its unitholders.

The court held that it was appropriate to provide the requested judicial advice as the majority of unitholders had voted in favour of the trust scheme and no party appeared to oppose it. The court reasoned that its role was to ensure that the trust scheme was being administered in the best interests of the unitholders, and given the circumstances, there was no evidence to suggest that the scheme was not in their best interests. Consequently, the court concluded that it was proper to provide the opinion, advice, and directions sought by Mirvac Funds Management Ltd.

The final orders of the court were to provide the requested judicial advice and direction regarding the trust scheme, affirming the decision of the responsible entity and the majority of the unitholders. The court's decision underscored the importance of judicial oversight in trust matters while recognising the autonomy of the unitholders' decision-making process.