Carson, In the matter of Trollope Property Holdings Pty Ltd (In Liquidation) (ACN 005 649 212) [2009] FCA 118

FEDERAL COURT OF AUSTRALIA

Carson, In the matter of Trollope Property Holdings Pty Ltd (In Liquidation) (ACN 005 649 212) [2009] FCA 118

IAN MENZIES CARSON (IN HIS CAPACITY AS LIQUIDATOR OF TROLLOPE PROPERTY HOLDINGS PTY LTD (IN LIQUIDATION) (ACN 005 649 212))

VID 953 of 2008

GORDON J

17 FEBRUARY 2009

MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY VID 953 of 2008

CARSON, IN THE MATTER OF TROLLOPE PROPERTY HOLDINGS PTY LTD (IN LIQUIDATION) ACN 005 649 212 BETWEEN: IAN MENZIES CARSON (IN HIS CAPACITY AS LIQUIDATOR OF TROLLOPE PROPERTY HOLDINGS PTY LTD (IN LIQUIDATION) (ACN 005 649 212))

Plaintiff

JUDGE: GORDON J

DATE OF ORDER: 17 FEBRUARY 2009

WHERE MADE: MELBOURNE

THE COURT ORDERS THAT:

1. The costs of the Commissioner of Taxation in relation to the application be costs in the winding up. 2. The balance of the amount of $1,706,891.99 after allowing for the debts and claims payable under s 556(1)(a)-(df) of the Corporations Act 2001 (Cth) be paid to the National Australia Bank. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using eSearch on the Court's website. IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY VID 953 of 2008

CARSON, IN THE MATTER OF TROLLOPE PROPERTY HOLDINGS PTY LTD (IN LIQUIDATION) (ACN 005 649 212) BETWEEN: IAN MENZIES CARSON (IN HIS CAPACITY AS LIQUIDATOR OF TROLLOPE PROPERTY HOLDINGS PTY LTD (IN LIQUIDATION) (ACN 005 649 212)

Plaintiff

JUDGE: GORDON J

DATE: 17 FEBRUARY 2009

PLACE: MELBOURNE

REASONS FOR JUDGMENT

INTRODUCTION 1 This is an application by Ian Menzies Carson (in his capacity as liquidator of Trollope Property Holdings Pty Ltd (in liq)) ("the Company"). The Applicant seeks directions from the Court pursuant to s 479(3) of the Corporations Act 2001 (Cth) ("the Act") as to the proper characterisation of an amount of funds received from settlement of proceedings ("the Agreed Amount") involving the Company and the Australian Taxation Office (the "ATO"), or alternatively, an order pursuant to s 564 of the Act that some or all of the Agreed Amount be distributed to the National Australia Bank (the "NAB"). 2 The Company had granted a fixed and floating charge in favour of NAB on 8 March 2002 to secure the Company's indebtedness to NAB ("the NAB Charge"). The NAB Charge was lodged with the Australian Companies and Securities Commission on 3 April 2002. As at 6 August 2004, NAB, as a creditor of the Company, was owed approximately $2.127 million.