In the matter of The Project Volar Creditors’ Trust established in the administration of Virgin Australia Holdings Ltd & Ors [2021] NSWSC 688

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 688 Hearing dates: 31 May 2021 Date of orders: 31 May 2021 Decision date: 31 May 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 Trustee Act 1925 (NSW) would allow trustees more practically to administer the trust in the interests of beneficiaries. Legislation Cited: Trustee Act 1925 (NSW), ss 63, 81 Category: Procedural rulings 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: Mr J Hutton (Plaintiffs)

Solicitors: Clayton Utz (Plaintiffs) File Number(s): 2021/84223

Judgment – ex tempore (Revised 4 June 2021) 1. On 6 April 2021, I made certain orders ("Earlier Orders"), primarily under s 63 and 81 of the Trustee Act 1925 (NSW), on the application of Messrs Algeri, Hughes and Greig in their capacity as joint and several trustees of the Project Volar Creditors' Trust ("Trustees") established in the administration of each of Virgin Australia Holdings Limited and other companies ("Creditors' Trust"). I set out the reasons for those orders in my judgment delivered on 27 April 2021 [2021] NSWSC 425 ("Earlier Judgment"). 2. By further application made on 28 May 2021, the Trustees seek orders, again under ss 63 and 81 of the Trustee Act which will have the commercial effect of extending the time available to adjudicate claims of creditors in respect of the Creditors' Trust, largely by varying the Earlier Orders. 3. I will first refer to the evidence led in support of the application, then to the submissions made by Mr Hutton who appears for the Trustees, then I will follow the approach adopted by Mr Hutton in considering several of the orders in turn.