Australian Securities & Investments Commission v Primelife Corporation Ltd (ACN 010 622 901) [2007] FCA 1874

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Primelife Corporation Ltd (ACN 010 622 901) [2007] FCA 1874

WINDING UP – liquidator's fees – where company being wound up is former trustee and liquidator has preserved trust assets – whether liquidator entitled to fees despite having knowledge that company not true trustee – liquidator entitled to fees incurred in securing and preserving trust assets where it has acted in absence of ability of true trustee to do so. Corporations Act 2001 (Cth): ss 473(3), 601EE 13 Coromandel Place Pty Ltd v CL Custodians Pty Ltd (In Liq) (1999) 30 ACSR 337, applied Australian Securities and Investments Commission v Rowena Nominees Pty Ltd (2003) 45 ACSR 424, cited Re Interchase Corporation Ltd (In Liq) (1993) 44 FCR 501, cited Re WA Pines Pty Ltd (In Liq) (1994) 12 ACLC 328, cited IN THE MATTER OF THE WINDSOR VILLAGE PARTNERSHIP SCHEME AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v PRIMELIFE CORPORATION LTD (ACN 010 622 901), PRIMELIFE MANAGEMENT SERVICES PTY LTD (ACN 082 926 029), WINDSOR VILLAGE MANAGEMENT PTY LTD (ACN 088 339 913), GDK FINANCIAL SOLUTIONS PTY LIMITED (ACN 085 488 311), GLENDALE RETIREMENT NOMINEES PTY LTD (ACN 088 015 801), MELRA PTY LTD (ACN 088 202 091), AMBRIDGE PRODUCTIONS No 2 PTY LTD (ACN 088 161 979), GDK RETIREMENT NOMINEES (WINDSOR) PTY LTD (ACN 088 256 713), GLENRET PTY LTD (ACN 088 256 713), VILLAGE PARTNERSHIP (WINDSOR) NOMINEES PTY LTD (ACN 088 315 986), ERGO MANAGEMENT PTY LTD (ACN 088 394 705), BODERO AND ASSOCIATES PTY LTD (ACN 003 207 887), JONES FINANCIAL MANAGEMENT PTY LTD (ACN 077 909 883) and FORTIA FUNDS MANAGEMENT LTD (ACN 104 111 631) VID 1201 of 2004 IN THE MATTER OF GDK FINANCIAL SOLUTIONS PTY LIMITED PKF CHARTERED ACCOUNTANTS ADVISORS (A FIRM) v GDK FINANCIAL SOLUTIONS PTY LIMITED (ACN 085 488 311) VID 44 of 2006