MacarthurCook Fund Management Limited v TFML Limited

HIGH COURT OF AUSTRALIAFRENCH CJ,CRENNAN, KIEFEL, BELL AND GAGELER JJMACARTHURCOOK FUND MANAGEMENT LIMITED & ANOR  APPELLANTSANDTFML LIMITED  RESPONDENTMacarthurCook Fund Management Limited v TFML Limited[2014] HCA 1714 May 2014S39/2014ORDER1.Appeal allowed.2.Set aside paragraphs 1 to 4 of the order of the Court of Appeal of the Supreme Court of New South Wales made on 3 September 2013 and, in their place, order that:(a)paragraphs 2 and 3 of the order of the Supreme Court of New South Wales made on 17 August 2012 be set aside and, in lieu thereof, order judgment for MacarthurCook Fund Management Limited and Sandhurst Trustees Limited against TFML Limited in the sum of $10,809,868 plus pre-judgment interest; and(b)the appeal be otherwise dismissed.3. Respondent to pay the appellants' costs in this Court and at first instance and on appeal to the Court of Appeal. 4. Parties have leave to file written submissions seeking a variation of these orders on or before 4.00 pm on the day 14 days after the publication of these orders. On appeal from the Supreme Court of New South WalesRepresentationN C Hutley SC with V A Thomas for the appellants (instructed by Ashurst Australia)B W Walker SC with M A Izzo for the respondent (instructed by Piper Alderman Lawyers)Notice:  This copy of the Court's Reasons for Judgment is subject to formal revision prior to publication in the Commonwealth Law Reports.CATCHWORDSMacarthurCook Fund Management Limited v TFML LimitedCorporations – Managed investment schemes – Unlisted unit trust – Members' rights to withdraw from scheme – Where terms of...