In the matter of The Project Volar Creditors’ Trust established in the administration of Virgin Australia Holdings Ltd & Ors [2021] NSWSC 425

Supreme Court New South Wales

Medium Neutral Citation: In the matter of The Project Volar Creditors' Trust established in the administration of Virgin Australia Holdings Ltd & Ors [2021] NSWSC 425 Hearing dates: 6 April 2021 Date of orders: 6 April 2021 Decision date: 27 April 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made in accordance with the short minutes of order. Catchwords: EQUITY — Trusts and trustees — Judicial advice – Where trust formed for purpose of making payments to creditors following administration of company – Where orders made under the Trustee Act 1925 (NSW) would allow trustees to administer the trust in the interests of creditor beneficiaries more practically than under trust deed. Cases Cited: - Application by Perpetual Trust Services Limited [2012] NSWSC 758 - Application of Solomons and Tayeh [2012] NSWSC 923 - Arakella v Paton (2004) 60 NSWLR 334; [2004] NSWSC 13 - Equititrust Ltd (in liq) (rec apptd) (recs and mgrs apptd) v Equititrust Ltd (in liq) (rec apptd) (recs and mgrs apptd) (No 4) [2017] FCA 1133 - Hancock v Rinehart (2015) 106 ACSR 207; [2015] NSWSC 646 - Ku-ring-gai Municipal Council v Attorney-General (1954) 55 SR (NSW) 65 - Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar The Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand (2008) 237 CLR 66; (2008) 249 ALR 250; [2008] HCA 42 - Marley v Mutual Security Merchant Bank and Trust Co Ltd [1991] 3 All ER 198 Re Australian Pipeline Ltd (2006) 60 ACSR 625; [2006] NSWSC 1316 - Re Bevillesta Creditors' Trust [2013] NSWSC 162 - Re Creditors' Trust Deed established in administration of Bevillesta Pty Ltd [2013] NSWSC 1258 - Re Creditors' Trust of Jackgreen (International) Pty Ltd [2011] NSWSC 748 - Re Dion Investments Pty Ltd (2014) 87 NSWLR 753; [2014] NSWCA 367 - Re Estate Late Chow Cho-Poon; Application for Judicial Advice [2013] NSWSC 844 - Re Go Energy Group Ltd [2019] NSWSC 558 Riddle v Riddle (1952) 85 CLR 202 - Strawbridge, In the matter of Virgin Australia Holdings Ltd (Admins Apptd) (No 6) [2020] FCA 1172 Category: Principal judgment Parties: Salvatore Algeri, Richard Hughes, John Grieg and Vaughan Strawbridge in their capacity as joint and several trustees of The project Volar Creditors' Trust established in the administration of each of Virgin Australia Holdings Ltd & Ors (Plaintiffs) Representation: Counsel: Dr RCA Higgins SC/D Krochmalik (Plaintiffs)