ASIC v GDK Financial Solutions Pty Ltd (in liq) & Ors [2010] FCA 710

CONTRACT – terms – construction – deed of purchase – purchase of interests of investors in unregistered managed investment scheme which was being wound up by the Court – terms of purchase deed expressed to include whole of entitlement of vendor in relation to scheme – whether deed effective to transfer equitable interests claimed by vendor in relation to land which was an asset of scheme, which vendor claimed to hold in priority to claims of investors in scheme – examination of circumstances surrounding entry into purchase deed – application of objective test – whether course of negotiations would have led reasonable people to regard subject matter of purchase as including all entitlements of vendor

Acted for the scheme investors' representative, leading Joanne Shepard of counsel, instructed by Arnold Bloch Liebler, Melbourne.