Released earlier this year was the decision of the Full Court of the Federal Court of Australia in RnD Funding Pty Limited v Roncane Pty Limited [2023] FCAFC 28. If I may summarize a lengthy and nuanced discussion, the Court, speaking through Derrington J, concludes that there is no need to establish the existence of a fiduciary relationship in order to trace ‘in Equity’.

 

I confess that I have been a bit puzzled since moving to the UK at the extent to which commentators seem to think that this requirement seems to survive in England and Wales, and indeed that there is still a difference between tracing ‘in Equity’ and tracing ‘at common law’.

 

With best wishes to all,

Lionel