A joint venture deed that designates particular apartments as belonging to a party and appoints a manager to hold legal title does not, without more, create a trust in favour of that party; the deed must manifest an intention to create a trust, and conditions precedent to transfer (such as payment of a contribution amount) must be satisfied before a beneficial interest arises. Pursuing a monetary remedy in VCAT and seeking creditor status in winding-up proceedings does not constitute an election precluding proprietary relief where the conduct is not unequivocal. The question whether VCAT has jurisdiction over disputes arising from contracts for sale of interests in land under the definition of 'services' was left open.
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