McPharlin, in the matter of United Investments Trust (in liq) [2013] FCA 635

FEDERAL COURT OF AUSTRALIA

McPharlin, in the matter of United Investments Trust (in liq) [2013] FCA 635 Citation: McPharlin, in the matter of United Investments Trust (in liq) [2013] FCA 635

Parties: HUGH LACHLAN MCPHARLIN AS LIQUIDATOR OF UNITED INVESTMENTS TRUST (IN LIQUIDATION) ACN 102 195 568

File number: SAD 94 of 2013

Judge: BESANKO J

Date of judgment: 27 June 2013

Catchwords: CORPORATIONS – application by liquidator of managed investment scheme – where the liquidator requests that the Court adjust the rights of the contributories pursuant to s 485(2) of the Corporations Act 2001 (Cth) on the basis that the remaining assets in the managed investment scheme are distributed on a pro-rata basis – where the liquidator asks for special leave pursuant to s 488(2) of the Corporations Act 2001 (Cth) to distribute a surplus to the contributories – whether the provisions of the Corporations Act 2001 (Cth) and the Corporations Regulations 2001 (Cth) have been complied with – whether there is a surplus – whether the proposed adjustment of the rights of contributories is the appropriate adjustment in the circumstances. Held: The Court will adjust the rights of the contributories on the basis that the remaining assets in the scheme are distributed on a pro-rata basis calculated by reference to the difference (if positive) between the sum paid to the scheme by a contributory for unit subscription and any sum repaid to the contributory by the scheme. Special leave is granted to the plaintiff to distribute the surplus to the contributories of the scheme.

Legislation: Corporations Act 2001 (Cth) ss 485, 488, 601ED Corporations Regulations 2001 (Cth)