Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Gleeson, in the matter of Kingston Property Holdings Pty Limited (No 2) [2017] FCA 974 File number: NSD 1394 of 2016
Judge: MARKOVIC J
Date of judgment: 18 July 2017
Catchwords: TRUSTS AND TRUSTEES – application for orders under s 81 of the Trustees Act 1925 (NSW) – application for orders permitting insolvent corporate trustee to deal with trust assets – where insolvent company ceased to be trustee upon appointment of liquidator – where insolvent company is bare trustee of trust assets – whether to empower insolvent company to deal with trust assets – application allowed CORPORATIONS – application for directions under s 479(3) of the Corporations Act 2001 (Cth) – application for directions that liquidator would be justified in making payments from assets held by insolvent corporate trustee – where liquidator seeks direction that he would be justified in paying liquidator's expenses and remuneration from trust assets – whether to make directions – application allowed
Legislation: Corporations Act 2001 (Cth) s 479(3) Trustee Act 1925 (NSW) s 81
Cases cited: Bruton Holdings Pty Ltd (in liq) v Federal Commissioner of Taxation (2011) 193 FCR 442 Caterpillar Financial Australia Limited v Ovens Nominees Pty Ltd [2011] FCA 677 Combis, in the matter of Reehal Holdings Pty Ltd (in liq) (Trustee) v Reehal Holdings Pty Ltd (in Liq) (Trustee) [2017] FCA 793 In the matter of Glengrant Civil Pty Ltd (in liq) [2017] NSWSC 843 Kite v Mooney, in the matter of Mooney's Contractors Pty Ltd (in liq) (No 2) [2017] FCA 653 Re Dungowan Manly Pty Ltd (in liq) (2015) 105 ACSR 648; [2015] NSWSC 491 Re Stansfield DIY Wealth Pty Limited (in liq) (2014) 291 FLR 17; [2014] NSWSC 1484 Re Suco Gold Pty Ltd (in liq) (1983) 33 SASR 99 Re Suncoast Restoration Pty Ltd (in liq) (2013) 211 FCR 203 Re Universal Distributing Company Limited (in liq) (1933) 48 CLR 171 Theobald, in the matter of Finplas Pty Ltd [2014] FCA 31 Woodgate, in the matter of Bell Hire Services Pty Ltd (in liq) [2016] FCA 1583
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