Unicomb v Official Trustee in Bankruptcy [2000] FCA 457

FEDERAL COURT OF AUSTRALIA

Unicomb v Official Trustee in Bankruptcy

[2000] FCA 457

BANKRUPTCY - property of the bankrupt - whether shares that were to be allotted to the applicant through the demutualisation and reconstruction of Australian Mutual Provident Society vested in the Official Trustee in Bankruptcy - consideration of when those shares became "property". Bankruptcy Act 1966 (Cth) ss 58, 116 Australian Mutual Provident Society (Demutualisation and Reconstruction) Act 1997 (NSW) Official Receiver in Bankruptcy v Schultz (1990) 170 CLR 306 Dist Federal Commissioner of Taxation v St Helens Farm (ACT) Pty Ltd (1981) 146 CLR 336 Appl VGM Holdings Ltd [1942] 1 Ch 235 (CA) Appr Re R G Capital Radio Pty Ltd (formerly Sea FM Pty Ltd) (1998) 26 ACSR 622 Cited National Westminster Bank P/L v Inland Revenue Commissioner [1995] 1 AC 119 Cited

PETER ASHLEY UNICOMB v OFFICIAL TRUSTEE IN BANKRUPTCY Q7069 OF 1999 COOPER J BRISBANE 11 APRIL 2000

IN THE FEDERAL COURT OF AUSTRALIA

QUEENSLAND DISTRICT REGISTRY Q 7069 OF 1999

IN THE MATTER OF: PETER ASHLEY UNICOMB

APPLICANT

AND: OFFICIAL TRUSTEE IN BANKRUPTCY

RESPONDENT

JUDGE: COOPER J

DATE OF ORDER: 11 APRIL 2000

WHERE MADE: BRISBANE

THE COURT DECLARES THAT: 1. On 1 January 1998 the applicant became beneficially entitled to an allocation of 2,352 shares in AMP Limited.

THE COURT ORDERS THAT : 1. The Official Trustee in Bankruptcy pay to the applicant the proceeds from the sale of the 2,352 AMP Limited shares, together with interest of 10.5 per cent per annum from and including 23 February 1999 until and including Tuesday 11 April 2000. 2. The respondent pay the applicant's costs of and incidental to the application including reserved costs, if any, to be taxed if not agreed. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.