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Business Structures in 2007: An eventful year in review — issues for you and your clients to consider
In Farah v Say-Dee, the High Court appeared to assume that fiduciary duties applied to the relationship — despite the parties having agreed that it was a joint venture.
In ASIC v Citigroup, the Victorian Supreme Court confirmed that parties can expressly 'contract out' of fiduciary duties — including in documents such as joint venture agreements.
These cases remind practitioners that they cannot rely on the assumption that fiduciary duties do not apply to joint venturers — even so, express contractual terms can address the issues adequately.
For a more detailed summary of the cases and the differences between partnerships and joint ventures, see our full article here.
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+61 3 9258 3318
julia.tonkin@maddocks.com.au
Qualifications: BA, LLB, University of Melbourne
Julia is a Partner in Maddocks Corporate and Private Clients team. Julia has extensive expertise in:
- estate planning, structuring for succession of ownership and control of private and family businesses.
- charities and not-for-profit space.
Julia's clients include high net worth individuals and families and privately held businesses.
Clients value Julia's empathic, common sense yet technically sound approach to complex legal (and often interpersonal) issues.
She has been recognised as an Accredited Specialist by The Law Institute of Victoria with an accreditation in Wills & Estates Law. She has also been recognised in Doyles Guide for Wills, Estates & Succession Planning Law Recommended - Victoria in 2023.
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