Sampson (Administrator), in the matter of PWUO Trading Pty Ltd (Administrators Appointed) [2020] FCA 1746

Federal Court of Australia

Sampson (Administrator), in the matter of PWUO Trading Pty Ltd (Administrators Appointed) [2020] FCA 1746 File number: NSD 1264 of 2020

Judgment of: YATES J

Date of judgment: 2 December 2020

Catchwords: CORPORATIONS – application by administrators for appointment as receivers of trust property

Legislation: Corporations Act 2001 (Cth) s 437A Federal Court Rules 2011 (Cth) rr 14.21, 14.22

Cases cited: Apostolou v VA Corporation of Aust Pty Ltd [2011] FCAFC 103 Jones (Liquidator) v Matrix Partners Pty Ltd, in the matter of Killarnee Civil & Concrete Contractors Pty Ltd (in liq) [2018] FCAFC 40; 260 FCR 310

Division: General Division

Registry: New South Wales

National Practice Area: Commercial and Corporations

Sub-area: Corporations and Corporate Insolvency

Number of paragraphs: 10

Date of hearing: 2 December 2020

Counsel for the Plaintiff: Mr M Rose

Solicitor for the Plaintiff: Thomson Geer

ORDERS NSD 1264 of 2020 IN THE MATTER OF PWUO TRADING PTY LTD (ADMINISTRATORS APPOINTED) ACN 624 567 871 DAVID HENRY SAMPSON AND DAVID ANTHONY HURST IN THEIR CAPACITY AS ADMINISTRATORS OF PWUO TRADING PTY LTD (ADMINISTRATORS APPOINTED) Plaintiff

order made by: YATES J DATE OF ORDER: 2 DECEMBER 2020

THE COURT ORDERS THAT:

1. The plaintiffs be appointed, without security, as receivers of the assets and undertaking (Trust Assets) of the PWUO Trading Unit Trust (the Trust) created by the Unit Trust Deed dated 5 March 2018, between PWUO Investments Pty Ltd as trustee for PWUO Investments Discretionary Trust, as the Initial Unit Holder, and PWUO Trading Pty Ltd (administrators appointed) (the Company), as the trustee, with the powers conferred on an administrator by s 437A of the Corporations Act 2001 (Cth), as if references in that section to "the company" were a reference to the Trust. 2. The requirement for receivers to file a guarantee under r 14.21 and r 14.22 of the Federal Court Rules 2011 (Cth) be dispensed with. 3. The plaintiffs, as receivers, not distribute the Trust Assets without the direction of the Court. 4. The costs, expenses and remuneration incurred by the plaintiffs in acting as receivers of the Trust Assets, including the costs of the application filed on 25 November 2020, be paid from the Trust Assets. 5. If the identity of the unit holders of the Trust becomes known to the plaintiffs, the plaintiffs take all reasonable steps to notify the unit holders of these orders as soon as reasonably practicable. 6. The plaintiffs take all reasonable steps to notify the creditors of the Company of these orders, within two business days of the date of these orders. 7. Any creditor of the Company, or other person who can demonstrate sufficient interest to vary the orders sought, have liberty to apply to vary these orders upon 3 days' notice to the plaintiffs. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.