Bastion v Gideon Investments [2000] NSWSC 939

Reported Decision : [2000] 35 ACSR 466 [2000] 18 ACLC 854

New South Wales Supreme Court

CITATION : Bastion v Gideon Investments [2000] NSWSC 939 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 1890/00 HEARING DATE(S) : 4 September 2000 JUDGMENT DATE : 6 October 2000

PARTIES : Geoffrey Trent Hancock (A) Gideon Investments Pty Ltd (In liq) (D) JUDGMENT OF : Austin J

COUNSEL : J Sexton SC (A) SOLICITORS : Dibbs Crowther & Osborne (A) CATCHWORDS : CORPORATIONS - liquidators - application by liquidator for directions - whether liquidator justified in recognising trust and beneficiaries - whether company's assets should be treated as trust assets - whether liquidator's remuneration costs and expenses recoverable out of trust assets - whether liquidator should be appointed receiver and manager - EQUITY - equitable remedies - appointment of liquidator as receiver and manager. Corporations Law ss 420, 479(2) LEGISLATION CITED : Supreme Court Act 1970 (NSW) s 67 Trustee Act 1925 (NSW) s 63 Graf Holdings Pty Ltd v Parer Holdings Pty Ltd [1999] NSWSC 217 Grime Carter & Co Pty Ltd v Whytes Furniture (Dubbo) Pty Ltd (1983) 7 ACLR 540 Re Byrne Australia Pty Ltd [1981] 2 NSWLR 364 Re Crest Realty Pty Ltd (in liq) [1977) 1 NSWLR 664 CASES CITED : Re Enhill Pty Ltd (1982) 7 ACLR 8 Re G B Nathan Pty Ltd (in liq) (1994) 24 NSW LR 674 Re Indopal Pty Ltd (1987) 5 ACLC 278 Re Oatway [1903] 2 Ch 356 Re Suco Gold Pty Ltd (in liq) (1983) 33 SASR 99 Yunghanns v Candoora No 19 Pty Ltd (No 2) [2000] VSC 300 (4 August 2000) DECISION : Directions that liquidator would be justified in recognising trust and beneficiaries; company's assets to be treated as trust assets; liquidator to be appointed receiver and manager with power of sale; orders relating to recovery of remuneration costs and expenses.