Multimillion-dollar family feud triggered by sale of Byron Bay's Beach Hotel MWhitbourn
Wealthy businessman and race car driver Max Twigg has lost a messy NSW Supreme Court battle with his mother over a multimillion-dollar portfolio of assets including real estate, cash and a $650,000 Porsche.
The Twigg family's assets were held in a series of trusts. Mr Twigg, his mother Diane and his sisters Frances and Elizabeth were the beneficiaries.Mr Twigg took over the family business in 1996 when he was 25, after the death of his father. Diane Twigg was shareholder and director of the family trusts' corporate trustees, and later appointed her son as a second director.
Justice Ball said it appeared Mr Twigg thought the success of the business was the result of his efforts "and that as a consequence he was entitled to the lion's share". Diane Twigg and the three corporate trustees launched court action against Mr Twigg. They alleged he breached his fiduciary duties – legal duties requiring a person to act in the interests of another person or company – by causing the companies to distribute trust assets in breach of the trusts.
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