The Court held that Mr Maru failed to establish on the balance of probabilities that he had advanced moneys pursuant to the loan deeds, and therefore had no claim to the surplus funds from the mortgagee sale of the Mount Cottrell Property. The Court found that contributors under Deeds of Joint Venture had an arguable Quistclose trust claim to the funds, as their contributions were advanced for a specific purpose (subdivision and development) and the joint venture failed, but the tracing of those funds to the purchase of the property remained unresolved and required further evidence. Four respondents holding equitable charges under a Deed of Covenant were accepted as having priority interests, which Mr Maru himself conceded ranked ahead of his claimed interest.
The full text is available to signed-in members, including the 1 later case that cites this judgment.