Sanderson, in the matter of Lentelle Pty Ltd (in liq) [2024] FCA 886

Federal Court of Australia

Sanderson, in the matter of Lentelle Pty Ltd (in liq) [2024] FCA 886 File number: NSD 957 of 2024

Judgment of: JACKMAN J

Date of judgment: 1 August 2024

Catchwords: BANKRUPTCY AND INSOLVENCY – appointment as receivers of trust assets

Legislation: Corporations Act 2001 (Cth) s 477(2)(c) Federal Court of Australia Act 1976 (Cth) s 57(1)

Cases cited: Jones (Liquidator) v Matrix Partners Pty Ltd [2018] FCAFC 40; (2018) 260 FCR 310 Re South West Kitchens (WA) Pty Ltd [2014] FCA 670; (2014) 224 FCR 408 Re Stansfield DIY Wealth Pty Ltd (in liq) [2014] NSWSC 1484; (2014) 103 ACSR 401

Division: General Division

Registry: New South Wales

National Practice Area: Commercial and Corporations

Sub-area: Corporations and Corporate Insolvency

Number of paragraphs: 12

Date of hearing: 1 August 2024

Counsel for the Applicants: Mr A Spencer

Solicitor for the Applicants: McLean & Associates Solicitors

ORDERS NSD 957 of 2024 IN THE MATTER OF LENTELLE PTY LTD (IN LIQ) CLIFFORD JOHN SANDERSON IN HIS CAPACITY AS JOINT AND SEVERAL LIQUIDATOR OF LENTELLE PTY LTD (IN LIQ) First Applicant

JOHN RAYMOND GIBBONS IN HIS CAPACITY AS JOINT AND SEVERAL LIQUIDATOR OF LENTELLE PTY LTD (IN LIQ) Second Applicant

order made by: JACKMAN J DATE OF ORDER: 1 August 2024

THE COURT ORDERS THAT:

1. Clifford John Sanderson and John Raymond Gibbons of Level 8, 80 Clarence Street, Sydney, Registered Liquidators, be appointed without security as receivers and managers (the Receivers) of the assets and undertaking of the D. & H. Aldemir Family Trust until further order. 2. The Receivers have the powers in the Schedule of Powers, together with the powers that a liquidator has in respect of property of a company pursuant to section 477(2) of the Corporations Act 2001. 3. Upon completion of the realisation of property and payment of costs and expenses, and creditors, the Receivers are to deliver to the Court a statement of receipts and payments in relation to the realisation of property and payments made by the Receivers. 4. The costs, expenses and remuneration of the Receiver in: (a) acting as the liquidators of Lentelle Pty Ltd (In Liquidation) (the Company); and (b) acting as the Receivers of the assets and undertaking of the D. & H. Aldemir Family Trust; be paid from the trust property. THE COURT NOTES THAT: 1. The object of the appointment in order 1 is to: (a) enable the Applicants, as receivers, to realise trust assets to enforce the indemnity of the Company, and apply the proceeds to discharge the liabilities of the Company (all of which were incurred by it in its capacity as trustee) in accordance with the priorities as set out in s 556 of the Corporations Act; and (b) enable the Applicants to recover the costs of the receivership and, because the Company's sole function was to act as trustee of the trust, the general costs of the liquidation. SCHEDULE OF POWERS 1. Power to do all things necessary or convenient to be done for or in connexion with or as incidental to the attainment of the objective noted above. 2. Power to discontinue, terminate or wind up any such business, enterprise or venture, in whole or in part. 3. Power to sell and convert into cash any property or asset of the D. & H. Aldemir Family Trust. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.