Francis (Trustee), in the matter of Fotios (Bankrupt) v Helios Corporation Pty Ltd (No 3) [2023] FCA 251

Federal Court of Australia

Francis (Trustee), in the matter of Fotios (Bankrupt) v Helios Corporation Pty Ltd (No 3) [2023] FCA 251 File number: WAD 143 of 2020

Judgment of: COLVIN J

Date of judgment: 22 March 2023

Catchwords: CORPORATIONS - application by Court appointed receivers of trust assets for advice and approval of entry into instruments to effect proposed settlement - application for approval of remuneration and orders for release from liability - application by trustees in bankruptcy for approval of remuneration on basis of work done to preserve trust assets - application for conditional orders dismissing proceedings - where issue as to whether priority of claims against trust assets by successive trustees should be determined in order of time or equally - orders made substantially in terms sought

Cases cited: Equity Trust (Jersey) Ltd (Respondent) v Halabi (in his capacity as Executor of the Estate of the Late Madam Intisar Nouri) [2022] UKPC 36 Fletcher v Brown (No 3) [2021] FCA 803 Francis (Trustee), in the matter of Fotios (Bankrupt) v Helios Corporation Pty Ltd [2022] FCA 199 Francis (Trustee), in the matter of Fotios (Bankrupt) v Helios Corporation Pty Ltd (No 2) [2022] FCA 652 Hutchins, in the matter of Ardenberg Pty Ltd (in liq) (Administrators Appointed) (No 3) [2021] FCA 519 Official Assignee in Bankruptcy of the Property of James Adair Hanna v Hanna [2019] FCA 1934 Re Application by Hughes; Richardson v Aileen Pty Ltd [2007] VSC 104 Stewart v Atco Controls Pty Ltd (in Liquidation) [2014] HCA 15; (2014) 252 CLR 307