Land v Prideland Equity Pty Ltd (No 2)

The Court removed a corporate trustee of a discretionary family trust and appointed independent replacement trustees under s 48(1) of the Trustee Act 1958 (Vic), on the basis that the trustee's persistent refusal over approximately 13 years to furnish trust accounts to a co-guardian, appointor and primary beneficiary — including non-compliance with a prior court order requiring production — demonstrated that the welfare of the beneficiaries required substitution. The Court emphasised that misconduct need not be established; a lack of confidence in the trustee's future administration is sufficient, and the dominant consideration is the safety of the trust estate and the interests of all beneficiaries. Costs were reserved, with the plaintiff foreshadowing an application for indemnity costs payable personally by the sole director of the trustee company.