A court-appointed receiver sought judicial advice and directions from the Court as to whether to pursue an appeal. The decision at first instance dismissed a claim for damages against directors of the responsible entity of a managed investment scheme. The Court declined to provide the advice sought. The reasons consider the utility of an opinion on prospects of appeal prepared by the counsel involved in the trial and the evidence required to assess the potential results of an appeal for the members of the managed investment scheme in receivership.
Matthew Jones (with D O’Brien QC) appeared for the applicant, instructed by Gadens.
The judgment is published here.