An administration account that lists shares in a private company at nominal value rather than market value does not comply with the requirement under s 28(1) of the Administration and Probate Act 1958 (Vic) for a 'true and perfect' account. A court considering an application for removal of an executor must engage with the merits of allegations of breach of duty and cannot dismiss the application on the basis that the applicant should pursue alternative remedies under corporations legislation. The Victorian Court of Appeal will not allow an appeal by consent without being satisfied that there was an appellable error or at least an arguable error.
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