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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.
Lawyer in Profile
Partner
+61 3 9258 3673
leigh.baring@maddocks.com.au
Qualifications: LLB (Hons), BEc (Hons), Monash University
Leigh is a Partner in Maddocks Tax and Structuring team. Leigh has extensive experience in advising Australian and multinational companies, high net worth individuals, accountants and financial advisers on all areas of taxation law.
Leigh regularly provides advice on:
- structuring of businesses and transactions,
- mergers and acquisitions,
- corporate reorganisations and distributions,
- sale of businesses,
- demergers,
- capital raisings,
- joint ventures and property developments,
- international tax (both inbound and outbound), and
- succession planning and liquidations.
His advice covers both direct and indirect tax considerations.
Throughout his career, Leigh has been at the forefront in developing tax-effective corporate, trust and superannuation structures.
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