From hallandwilcox.com.au: The case Funtastic Ltd v Madman Film and Media Pty Ltd centered on a dispute regarding completion accounts in a share sale agreement, specifically over the classification of certain accrued expenses and un-invoiced amounts.

The Victorian Supreme Court highlighted that while expert determinations can be subject to review, they are generally binding if made according to the terms of the agreement, and ‘manifest error’ should be limited to clear and obvious mistakes.

Key takeaways emphasize the importance of specifying accounting principles to guide expert discretion, thus minimizing reliance on subjective judgment.