ASSESSMENT TASK 2 – SOLICITOR FILE NOTE
Intent:
Assessment Task 2 replicates an authentic task in legal practice. You are required to write a file note as a junior solicitor for a partner demonstrating a good under standing of the types of property that are involved in a factual scenario and relevant legal issues. It focuses on the content in Part 1 of the subject dealing with types of property and legal and equitable property interests.
70327 Introduction To Property And Commercial Law Assignment-University of Technology Sydney Australia.
This assessment targets the following Graduate Attributes:
Legal Knowledge:
A coherent understanding of fundamental areas of legal knowledge including the Australian legal system social justice cultural and international contexts and the principles and values of ethical practice (LAW.1.0)
Critical Analysis and Evaluation
A capacity to think critically, strategically and creatively, including an ability to identify and articulate legal issues apply reasoning and research, engage in critical analysis and make reasoned choices (LAW.3.0)
Word length: 1500 words not including footnotes. Footnotes that comprise material other references will be ignored during marking.
70327 Introduction To Property And Commercial Law Assignment-University of Technology Sydney Australia.
Criteria:
Demonstrated ability to analyse a factual scenario to identify types of property equitable interests in property, the nature of a trust and types of commercial security interests.
- Evidence of understanding of concepts of property
- Ability to apply concepts to solve problems offering legally correct analysis of the issue
- Ability to cite relevant cases to support analysis
- Clear written communication
- Note: You are not required to follow a particular style guide for this task. You are simply required to use clear expression, plain English and demonstrate good communication skills.
For this task assume you are a junior solicitor and have just joined the insolvency team.The partner who heads your team has asked you for a memorandum summarising the issues with respect to certain property interests that might be available to the liquid at or of a company on the facts of the following scenario. [You can assume for these purposes that the role of the liquidator is to collect all the property of the company which will be sold to form a pool from which creditors of the company will be paid. The liquidator has sought advice as a number of third parties are disputing that property belongs to the company.Note that for the purposes of this question, you do not need to consider the impact of the Personal Property Securities Act. Your task is to write a concise file note that identifies for the partner the potential issues that might arise in relation to determining the property owned by Risky Ventures which is capable of being realised for distribution to creditors.
SUMMARY OF FACTS
Risky Ventures Pty Ltd is a company that is now unable to pay its debts as and when they fall due and is in liquidation. It was set up by Bill and Bob Risk two brothers as directors of the company. It operates from a large rural property located near Dubbo in New South Wales where it was engaged in mining and power production. The company owns the land and the buildings on the land. The company has entered a contract to sell the land. There are 50 large wind turbines on the property as a wind farm, and also a number of pieces of large heavy pieces of plant and equipment which were leased, some of which are bolted to the floor in a warehouse on the property as they need to be stabilised to operate. This includes machinery attached to and operating an underground lift shaft. The prospective purchaser of the property is arguing that the sale includes the turbines and the plant.
70327 Introduction To Property And Commercial Law Assignment-University of Technology Sydney Australia.
There are several large items located outside the property including a number of vehicles and a crane which were purchased three months ago under a contract with Dubbo Heavy Machinery Suppliers.The liquidator has not yet seen the contract for sale but is aware that the final instalment has not been paid.
The ware house also includes a large collection of hundreds of drill parts. When the company was in financial difficulties, it entered into a contract for sale of 50 drill parts.However they have not been collected and the liquid at or does not know which parts were sold.
Risky Ventures decided to invest profits earned several years ago in a good year and purchased a number of debentures offered by Virgin Airlines and government bonds.Two years ago Risky Ventures went into partnership with Bob’s son David who is an inventor and the partnership has a patent pending on machine parts for turbines.Bob’s father Roberto who runs a large cattle farm set up a discretionary trust some years ago and Risky Ventures is one of the three beneficiaries under the trust.
70327 Introduction To Property And Commercial Law Assignment-University of Technology Sydney Australia.
Bob’s neighbour David was walking over the property last week and discovered a piece of rock on the ground which glinted in the sun. He dug it up and took it into town to a company to have it valued. It turns out that contains gold that is worth $50,000.
The valuer is refusing to return the rock to David or to Bob.
There was a large fire in one of the turbines last week and the company intends to make a claim under the insurance policy.