Perpetual Trustee Company Ltd v Papantoniou (No. 2)

The matter involved Perpetual Trustee Company Ltd, acting as trustee for a unit trust, and Papantoniou. The dispute arose from a settlement agreement in which Papantoniou agreed to pay $1.1 million to the trustee for the benefit of the unit trust. The primary issue before the court was whether the trustee was entitled to rectify an earlier order that had misstated the amount of the settlement. The court was also required to determine the appropriate amount of pre-judgment interest owed to the trustee by Papantoniou.

The court found that the earlier order could be rectified under the "slip rule" to reflect the correct amount of the settlement. The court determined that the amount owed by Papantoniou was $1.1 million, not $1 million as originally stated. As for the pre-judgment interest, the court held that the trustee was entitled to interest from the date the settlement was due until the date of judgment. The court calculated the interest using a rate of 6.5% per annum, as this was the rate applicable under the relevant legislation at the time.

The court concluded that the trustee was entitled to rectify the earlier order to reflect the correct amount of the settlement. The court ordered that Papantoniou pay the trustee $1.1 million, plus pre-judgment interest at 6.5% per annum from the date the settlement was due until the date of judgment. The court also ordered that Papantoniou pay the trustee's costs of the proceedings.