Federal Court of Australia
Federal Court of Australia
Ward, in the matter of PIC Lindfield 19 Pty Ltd (in liquidation) v Zhu [2021] FCA 1526 File number(s): NSD 1207 of 2021
Judgment of: CHEESEMAN J
Date of judgment: 3 December 2021
Catchwords: CORPORATIONS – urgent application by liquidators to be appointed receivers and managers of trust assets – where corporate trustee of unit trust is in liquidation – where trustee was disqualified upon liquidation – where the company has incurred liabilities in its role as trustee – where the liquidators have taken steps to market the primary asset of the unit trust – where the sale of that property is scheduled for public auction in the imminent future – where the application is not opposed by major secured creditor or the sole unit holder– whether the circumstances warrant the making of an order – Held: application successful. PRACTICE AND PROCEDURE – confidentiality orders sought in respect of an exhibit to an affidavit supporting the application – where the exhibit comprises valuation and selling agreements that estimate the value of the property proposed to be sold by the liquidators as receivers and managers – where the liquidator deposes to his concerns regarding potential disclosure and the prejudicial effect disclosure may have on the upcoming auction of those assets – Held: confidentiality orders made.
Legislation: Federal Court of Australia Act 1976 (Cth), ss 37AF, 57(1)
Cases cited: Caterpillar Financial Australia Ltd v Ovens Nominees Pty Ltd [2011] FCA 677 Clark v Digital Wallet Pty Ltd [2020] FCA 877 In Amirbeaggi (in her capacity as liquidator of Simpkiss Pty Ltd (in liq)) v Simpkiss Pty Ltd (in liq) [2018] FCA 2121 Re Brereton (in their capacities as joint and several voluntary administrators of MyHouse (Aust) Pty Ltd (admins apptd)) [2020] FCA 610 Re Cremin (in his capacity as liquidator of Brimson Pty Ltd (in liq), Kane Retail Group Pty Ltd (in liq) and Teal Retail Group Pty Ltd (in liq)) [2019] FCA 1023; (2019) 136 ACSR 649 Re Hughes (in their capacity as joint and several liquidators of Substar Holdings Pty Ltd (in liq)) and Anor [2020] FCA 1863; (2020) 149 ACSR 185
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