Glazier Holdings Pty Ltd (in liquidation) v Australian Men’s Health Pty Ltd (in liquidation) & 4 Ors [2006] NSWSC 1240

New South Wales Supreme Court

CITATION : Glazier Holdings Pty Ltd (in liquidation) v Australian Men's Health Pty Ltd (in liquidation) & 4 Ors [2006] NSWSC 1240

HEARING DATE(S) : 25/09/06

JUDGMENT DATE : 8 December 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : White J

DECISION : Application adjourned.

CATCHWORDS : CORPORATIONS – Winding up – Liquidators – Remuneration – Expenses out of trust assets – First defendant was formerly trustee of unit trust but was removed on application of beneficiary – New trustee appointed – New trustee ceased to operate business of trust and was appointed receiver to assets of trust – After an account, new trustee terminated trust and paid funds held by him into court – Application by first defendant and liquidator of first defendant for orders directing distribution of moneys paid into court – Whether liquidator of first defendant entitled to funds in court on basis of first defendant's right of indemnity in trust deed – Whether liquidator of first defendant entitled to funds in court on basis of right to indemnity from trust assets – Held that liquidator of first defendant entitled to balance of fund to extent able to demonstrate remuneration and expenses relate to administration of trust.

LEGISLATION CITED : Trustee Act 1925 (NSW) Corporations Act 2001 (Cth)

Glazier v Australian Mens Health [2000] NSWSC 253 Glazier v Australian Mens Health (No. 2) [2001] NSWSC 6 Meehan & Ors v Glazier Holdings Pty Ltd (2002) 54 NSWLR 146 Chief Commissioner of Stamp Duties (NSW) v Buckle (1998) 192 CLR 226 Dimos v Dikeakos Nominees Pty Ltd (1996) 68 FCR 39 Chief Commissioner of Stamp Duties v ISPT Pty Ltd (1998) 45 NSWLR 639 Collie v Merlaw Nominees Pty Ltd (2001) 37 ACSR 361 CASES CITED : Nolan v Collie (2003) 7 VR 287 Re Suco Gold Pty Ltd (In Liq) (1983) 33 SASR 99 French Caledonia Travel Service Pty Ltd (In Liq) (2003) 59 NSWLR 361 Grime Carter & Co Pty Ltd v Whytes Furniture (Dubbo) Pty Ltd [1983] 1 NSWLR 158 Berkeley Applegate (Investment Consultants) Ltd (in liq); Harris v Conway [1989] 1 Ch 32 Re Eastern Capital Futures Ltd (in liq) [1989] BCLC371 Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 13 Coromandel Place Pty Ltd v C L Custodians Pty Ltd (in liq) (1999) 30 ACSR 377;17 ACLC 500 Re Sutherland; French Caledonia Travel Service Pty Ltd (in liq) (2003) 59 NSWLR 361