Georges v Seaborn International (Trustee), in the matter of Sonray Capital Markets Pty Ltd (in liq) [2012] FCA 75

FEDERAL COURT OF AUSTRALIA

Georges v Seaborn International (Trustee), in the matter of Sonray Capital Markets Pty Ltd (in liq) [2012] FCA 75 Citation: Georges v Seaborn International (Trustee), in the matter of Sonray Capital Markets Pty Ltd (in liq) [2012] FCA 75

Parties: GEORGE GEORGES (IN HIS CAPACITY AS JOINT AND SEVERAL LIQUIDATOR OF SONRAY CAPITAL MARKETS PTY LTD (IN LIQUIDATION) (ACN 104 482 993), JOHN ROSS LINDHOLM (IN HIS CAPACITY AS JOINT AND SEVERAL LIQUIDATOR OF SONRAY CAPITAL MARKETS PTY LTD (IN LIQUIDATION) (ACN 104 482 993) and SONRAY CAPITAL MARKETS PTY LTD (IN LIQUIDATION) (ACN 104 482 993) v SEABORN INTERNATIONAL (AS TRUSTEE FOR THE SEABORN FAMILY TRUST), MARYLAND PTY LTD (AS TRUSTEE FOR THE NORWEGIAN TRUST), ALISANTE PTY LTD, BON RIVER PTY LTD, ROLAND MARK WARD (AS TRUSTEE FOR THE AWARD SUPERANNUATION FUND (ABN 66 473 078 418)) and EFAX PTY LTD (ACN 001 886 120)

File number: VID 562 of 2010

Judge: GORDON J

Date of judgment: 10 February 2012

Corrigendum: 9 May 2012

Catchwords: CORPORATIONS – liquidation – pooling of segregated accounts – converting foreign currency for purposes of pooling – whether foreign currency is "money" for purposes of reg 7.8.03(6) of the Corporations Regulations 2001 (Cth) – defalcations on client accounts – deficient mixed trust fund – equitable charge or tenancy in common – tainted segregated accounts – calculation of rateable entitlements – set-off – tracing – assets purchased with tainted funds – liquidators' remuneration and expenses

Legislation: Acts Interpretation Act 1901 (Cth) Corporations Act 2001 (Cth) Corporations Regulations 2001 (Cth) Federal Court (Corporations) Rules 2000 (Cth) Financial Services Reform Bill 2001 (Cth) Trustee Act 1958 (Vic)