In the matter of Mulcox Pty Limited (in liquidation) [2023] NSWSC 1341

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Mulcox Pty Limited (in liquidation) [2023] NSWSC 1341 Hearing dates: 2 November 2023 Date of orders: 8 November 2023 Decision date: 08 November 2023 Jurisdiction: Equity - Commercial List Before: Williams J Decision: See orders below at [42]. Catchwords: CORPORATIONS — Receivers and managers —Where trustee company of two trusts entered into liquidation — Trustee company owned properties in its capacity as trustee of one of those trusts — Appointment of liquidator as receiver and manager sought by way of enforcement of equitable charge securing trustee's right of indemnity vested in liquidator — Sale orders opposed by beneficiary of one of the trusts, who proposed alternative course of being appointed as trustee in order to make cash gifts to trusts to be used for payment of trust debts and avoid the need for sale of the properties, and proffered some security for the liquidator's remuneration — Where alternative course not appropriate — Application for liquidator to be appointed receiver granted. Legislation Cited: Corporations Act 2001 (Cth), ss 420(2)(a)-(c), 420(2)(e)-(g), 420(2)(o)-(r), 555, 556, sch 2 s 90-15 Trustee Act 1925 (NSW), ss 59(4), 70 Cases Cited: Carter Holt Harvey Woodproducts Australia Pty Ltd v Commonwealth (2019) 268 CLR 524; (2019) 93 ALJR 807; (2019) 368 ALR 390; (2019) 17 ABC(NS) 1; [2019] HCA 20 In re IMF Global Australia Ltd (in liq) (No 2) [2012] NSWSC 1426 In Re Suco Gold Pty Ltd (in liquidation) (1983) 33 SASR 99; (1983) 7 ACLR 873; (1983) 1 ACLC 895 In the matter of North Food Catering Pty Limited (2014) 32 ACLC 14-049; [2014] NSWSC 77 Jones v Matrix Partners Pty Ltd; Re Killarnee Civil & Concrete Contractors Pty Ltd (in liq) (2018) 260 FCR 310; (2018) 354 ALR 436; (2018) 124 ACSR 568; (2018) 36 ACLC 18-017; (2018) 70 AILR 102-937; [2018] FCAFC 40 Re Independent Contractor Services (Aust) Pty Limited (in liq) (No 2) (2016) 305 FLR 222; (2016) 34 ACLC 16-004; (2016) 11 BFRA 355; [2016] NSWSC 106 Re Indopal Pty Ltd (1987) 12 ACLR 54; (1987) 5 ACLC 278 Re Stansfield DIY Wealth Pty Limited (in liq) (2014) 291 FLR 17; (2014) 103 ACSR 401; (2014) 32 ACLC 14-065; (2014) 9 BFRA 663; [2014] NSWSC 1484 Texts Cited: N/A Category: Procedural rulings Parties: Joshua Phillip Taylor in his capacity as liquidator of Mulcox Pty Limited (in liquidation) ACN 121 370 456 (Plaintiff) Mulcox Pty Ltd (in liquidation) ACN 121 370 456 (Defendant) Brett Richard Harrison as trustee for the bankrupt estate of Bernardo Mulet (Interested Person) Bernardo Mulet (Interested Person) Sebastian Mulet (Interested Person) Representation: Counsel: Ms L Beange (Plaintiff) Mr A Di Francesco (for Brett Richard Harrison as trustee for the bankrupt estate of Bernardo Mulet) Mr N Y H Li (for Sebastian Mulet) Bernardo Mulet (in person)