Banking Tuesday, 24 March 2015 View in browser

A daily Bulletin listing our choice of Decisions of Superior Courts of Australia.


Executive Summary (One Minute Read)
Devren Pty Ltd v Old Coach Developments Pty Ltd (QSC) - contract - joint venture - no breach of contractual or fiduciary duties - claim dismissed 
Summaries With Link (Five Minute Read)
Devren Pty Ltd v Old Coach Developments Pty Ltd [2015] QSC 53
Supreme Court of Queensland
Boddice J
Corporations - plaintiff sought relief against defendants in respect of transactions entered in consequence of joint venture agreement - plaintiff claimed it suffered loss due to defendants’ breaches of agreement and breaches of fiduciary duty - multiple causes of action relied upon - central issue whether person listed as director of plaintiff had authority to bind plaintiff - whether person convicted of fraud was director - whether actual or ostensible authority to act on plaintiff’s behalf - doctrine of lingering apparent authority - held: plaintiff failed to establish any breach of contractual duty by defendants - defendants’ actions in accordance with instructions of person who at all times had ostensible authority to bind plaintiff -  no breach of fiduciary duty by defendants - claim dismissed.