Write about the Implications of Re Richstar for IRAC Format.
As is the case with any other essay or write up, this essay would begin with an introduction or the overview of the essay. In the introductory part, a brief would be given over the trust being one of the forms of business in Australia, along with introduction of a trustee. The discussion would also cover the very basis from where the case of Re Richtstar was born and the background of the beneficiary of a trust. Once these points have been introduced, the main discussion of the essay would begin.
The first and foremost thing which will be discussed in this essay, after introducing the topic is the very case of which the legal and practical implications are to be analyzed. This discussion would touch the background of discretionary trusts and the role which a trust structure plays. The factual background of the case is a must for understanding its implications and hence, the same would be given. The key issues, based on the legislatures, which can be referred to as the Rules in IRAC format, would then be highlighted. This would be followed by the verdict given by the court in this case.
After the case is introduced, both the legal and practical implications which have been presented due to this particular case would be discussed in detail. In doing so, each of the points raised by the court in giving their ruling would be highlighted. The reason for this is to enable the understanding of each of the key statements made by the court, and their resultant implication, which touch both the practical and the legal aspect. For instance, a discussion would be carried on section 9 of the Corporations Act, 2001 and the manner in which the same was adopted and analyzed in this matter by the court. This would show how the definition contained in this section has to be interpreted. This would not only highlight the legal aspect, due to being the part of a statute, but also the practical aspect, as the clarity of the definition contained in section 9, with regards to “property” would be clarified for the future cases, hence, the practical aspect.
The ruling given by French J and the supporting cases would also be discussed in this very segment, as they show how this case has to be implied with reference to the cases quoted by French J, for the future cases. This again highlights the practical implications of Re Richstar, when coupled with the previous cases. This essay would not simply discuss what happened, but would analyze what are its implications, along with what was missed in this judgment. This aspect would touch the practical implications, along with the legal ones, as it would highlight the other act relevant to this case, i.e., the Bankruptcy Act. This pattern of judgment and its implications would then be continued.
Once all the legal and practical implications have been discussed properly, the essay would end with a summary of the entire discussion in a brief. And it would be concluded that the case did not have much of legal or practical implications, apart from acting as a guideline for the future.