In the matter of Australian Investment Corp Ltd (in liq) Wallace-Smith, Simon Alexander & Anor [In their capacity as the Liquidators of Australasian Investment Corp Ltd (in liq)] v Boland, Frederic [1996] FCA 692

CATCHWORDS CORPORATIONS LAW - liquidation - application by liquidators for directions - whether money held by the company can be traced by creditor - whether amount part of general pool of funds for distribution. PRACTICE AND PROCEDURE - costs - whether parties' costs should be drawn from specific fund or general pool. Corporations Law, s 479(3) Australian Securities Commission v Melbourne Asset Management Nominees Ltd and Wallace-Smith v Andrews (1994) 49 FCR 334 Re Buckton; Buckton v Buckton [1907] 2 Ch 404 Re Halston; Ewen v Huston [1912] 1 Ch 435 Windsor Mortgage Nominees Pty Ltd v Cantwell (1979) ACLC 32,195 SIMON ALEXANDER WALLACE-SMITH and RICHARD GELL MANSELL [In their capacity as the Liquidators of AUSTRALASIAN INVESTMENT CORPORATION LIMITED (ACN 055 663 806) (In Liquidation)] v FREDERIC BOLAND NO VG 3430 of 1995 NORTHROP J MELBOURNE 8 AUGUST 1996

IN THE FEDERAL COURT OF AUSTRALIA VICTORIA DISTRICT REGISTRY GENERAL DIVISION VG No 3430 of 1995 IN THE MATTER of AUSTRALIAN INVESTMENT CORPORATION LIMITED (In Liquidation) (ACN 055 663 806) AND IN THE MATTER of an Application under Section 479(3) of the Corporations Law B E T W E E N : SIMON ALEXANDER WALLACE-SMITH and RICHARD GELL MANSELL [In their capacity as the Liquidators of AUSTRALASIAN INVESTMENT CORPORATION LIMITED (ACN 055 663 806) (In Liquidation)] Applicants and FREDERIC BOLAND Respondent COURT: NORTHROP J PLACE: MELBOURNE DATE: 8 AUGUST 1996 MINUTES OF ORDER THE COURT ORDERS AND DECLARES THAT : 1. The following question raised by the Application dated 7 August 1995 is determined as follows:-

(a) QUESTION Whether all or any and, if so, what part of the Funds referred to in paragraph 34 of the affidavit of Richard Gell Mansell sworn 4 August 1995 and filed herein being the sum of $67,673.44 paid to the Applicants on 31 March 1995 and interest accrued thereon after that date is the property of: (i) the Respondent; or (ii) Australasian Investment Corporation Limited (ACN 055 663 806) (In Liquidation) ("the Company") ? (b) ANSWER (i) As to the capital sum of $60,000.00 - the Respondent; (ii) As to the sum of $7,673.44 being interest accrued on the capital sum up to 31 March 1996 - (A) as to $4,263.03 thereof - the Respondent; (B) as to $3,410.41 thereof - the Company; (iii) As to interest accrued on the sum of $67,674.44 since 31 March 1995 - (A) as to 94.96 per centum thereof - the Respondent; (B) as to 5.04 per centum thereof - the Company. 2. It is unnecessary to answer any other question raised by the Application." 3. The costs and expenses of the Respondent be taxed on a solicitor and client basis and be paid by the Applicants as part of their costs and expenses in the winding up of Australasian Investment Corporation Limited (In Liquidation).