Sanderson, in the matter of Taylorsix Pty Ltd (in liq) [2021] FCA 1123

Federal Court of Australia

Sanderson, in the matter of Taylorsix Pty Ltd (in liq) [2021] FCA 1123 File number(s): NSD 937 of 2021

Judgment of: CHEESEMAN J

Date of judgment: 10 September 2021

Date of publication of reasons 16 September 2021

Catchwords: CORPORATIONS – application by liquidator under s 57 of the Federal Court of Australia Act 1976 (Cth) to be appointed receiver of trust assets – where corporate trustee is trustee of a self-managed superannuation fund - where trust deed removes the corporate trustee upon external administration of the company – where the company is a disqualified person under s 120(2)(e) of the Superannuation Industry (Supervision) Act 1993 (Cth) by reason of its winding up – where the corporate trustee has incurred liabilities in its role as trustee – where the liquidator has incurred remuneration and expenses in his efforts to locate the trust property in the absence of cooperation of the directors - where corporate trustee cannot realise its right to indemnity and exoneration as bare trustee - where there is some urgency to maintain and realise the trust property as they are located on properties owned by third parties and may be at risk of being relocated – where the liquidation is otherwise without funds – whether the circumstances warrant the making of an order – Held: application successful – orders also made requiring the liquidator to notify the Commissioner of Taxation and the Australian Prudential Regulation Authority of the application and the orders made.

Legislation: Corporations Act 2001 (Cth) s 425(1) Sch 2 ss 60-15(1) and 90-15 Federal Court of Australia Act 1976 (Cth) s 57 Superannuation Industry (Supervision) Act 1993 (Cth) ss 17A, 17B, 106A, 253A and 262A Federal Court Rules 2011 (Cth) rr 14.21