There was a personal claim in equity to the funds.

The Local Court has no jurisdiction for claims in equity.

"Its management would like our committee to recommend to the banks that they take the 30 percent of their claims in equity.

Lord Neuberger MR held that the old Court of Appeal authority was binding, and T only had a personal claim in equity over the assets.

Heydon JA (as he then was) said there is no power to give punitive damages in respect of a claim in equity, although he was content to decide the case on the narrower ground that there is no power to award punitive damages for the specific equitable wrong in issue.