In the matter of Cheema Investing Pty Ltd (in liq) and Cheema Trading Pty Ltd (in liq) [2024] NSWSC 1145

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Cheema Investing Pty Ltd (in liq) and Cheema Trading Pty Ltd (in liq) [2024] NSWSC 1145 Hearing dates: 10 July 2024 Date of orders: 10 July 2024 Decision date: 10 July 2024 Jurisdiction: Equity - Corporations List Before: Black J Decision: Liquidator appointed without security as receiver of trust property and other orders made. Catchwords: CORPORATIONS — Receivers and managers — Appointment of liquidator as receiver of trust property. Legislation Cited: - Insolvency Practice Schedule (Corporations), s 90-15 - Supreme Court Act 1970 (NSW), s 67 Cases Cited: - Re Glenvine Pty Limited (in liq) [2020] NSWSC 866 - Re Hosking, Business Aptitude Pty Ltd (in liq) [2016] FCA 1438 - Re Parkway One Pty Ltd [2020] NSWSC 191 Category: Principal judgment Parties: Liam Thomas Bailey in his capacity as Liquidator of Cheema Investing Pty Ltd and Cheema Trading Pty Ltd (First Plaintiff) Cheema Investing Pty Ltd (Second Plaintiff) Cheema Trading Pty Ltd (Third Plaintiff) Representation: Counsel: B Ng (Plaintiffs)

Solicitors: Mills Oakley (Plaintiffs) File Number(s): 2024/253182

Judgment- EX TEMPORE (Revised 11 July 2024)

Nature of the application 1. By Originating Process filed on 10 July 2024, Mr Bailey in his capacity as liquidator of Cheema Investing Pty Limited ("CIPL") and of Cheema Trading Pty Ltd ("CTPL") seeks orders that he be appointed as receiver of trust assets, in respect of CIPL in relation to the Cheema Investment Trust and the Cheema Trading Trust (together, the "Trusts") respectively. He also seeks associated orders, including orders that confer powers on him in respect of the receivership, in common form, and an order that his remuneration, costs and disbursements both as liquidator and receiver be paid out of assets of the Trusts.