Where funds are advanced within a corporate group and recorded in the books as a loan on a running account, with no express contemporaneous statement of trust intention, a Quistclose trust will not be established merely because the funds were provided for a specific purpose. A contractual release of claims 'arising out of the conduct of the business' of a company is insufficient to release a director from liability for breach of statutory or fiduciary duties, and s 199C(2) of the Corporations Act prevents contractual release of claims for breach of officer duties. The expression 'costs and expenses of converting crown leasehold land to freehold' in a sale agreement is limited to direct conveyancing costs and does not extend to development earthworks.
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