Arrow Custodians Pty Ltd v Pine Forests of Australia Pty Ltd [2008] NSWSC 839

New South Wales Supreme Court

CITATION : Arrow Custodians Pty Ltd v Pine Forests of Australia Pty Ltd [2008] NSWSC 839

HEARING DATE(S) : 29, 30 & 31 July 2008

JUDGMENT DATE : 15 August 2008

JURISDICTION : Equity

JUDGMENT OF : Bryson AJ

Upon the Notice of Motion filed on 12 October 2007 by Stephen James Parbery and Andrew Leslie Smith: 1. Order that the payment by Andrew Leslie Smith and Stephen James Parbery (together, Joint Trustees) of each of the amounts described in paragraphs 1(a), (b) and (c) be confirmed. (a) $190,600.17 to Arrow/N M Rothschild & Sons (Australia) Limited in repayment of funding provided to the Joint Trustees; and (b) $52,509.25 to Strategic Resources (Aus) Pty Limited in respect of amounts paid by it to the Rural Lands Protection Board and Oberon Council, after the date of the appointment of the Joint Trustees; and (c) $3,963.00 to Strategic Resources (Aus) Pty Limited in respect of amounts paid by it to Tableland Surveyors, after the date of the appointment of the Joint Trustees. 2. Order that the Joint Trustees be at liberty to pay, in full and final settlement of any claim for legal costs arising out of the proceedings in which the Joint Trustees were appointed by Ausforest Limited (Receivers and Managers Appointed) (In Liquidation) and Pine Forests of Australia Pty Limited (PFA), the high range estimates by the Joint Trustees' costs consultant of the likely costs recoveries for those claims. 3. Order that the Joint Trustees be at liberty to pay, in full and final settlement of any claim by Pine Forests of Australia (Canberra) Pty Limited (In Liquidation) for legal costs arising out of the proceedings in which the Joint Trustees were appointed, the sum of $9,996.42 inclusive of GST (being one half of the sum of $19,992.84 claimed in the Bill of Costs admitted into evidence as Exhibit B). 4. Direct that the Trustees not pay any of the claims notified by Pine Forests of Australia Pty Limited, other than the claims confirmed by Order 1. 5. Orders that the Joint Trustees be at liberty to distribute the proceeds of sale of the Land according to the following relative value of each lot: DECISION : Lot 1 0.2752 Lot 4 0.2130 Lot 7 0.1753 Lot 8 0.1165 Lot 9 0.1012 Lot 10 0.1187 Direct that the Trustees proceed to consider and determine the claims of Henry Turpin and Dooley in accordance with the reasons published by the Court; with liberty to apply for further directions if the Trustees consider that there is any doubt or difficulty. 7. Direct that the Trustees proceed to distribute the net proceeds of sale after payment of costs and expenses in accordance with the distribution methodology stated in the evidence of Andrew Leslie Smith: but that they retain the part of the net proceeds attributable to the interests of unlocated investors. 8. Direct that the Trustees apply the part of the net proceeds attributable to the interests of unlocated investors to meeting such claims as may be established on or before 19 April 2010: and deal with any amount then unclaimed in accordance with the Unclaimed Money Act 1995: that in the meantime they take steps to advertise and otherwise make publicly available information about the possibility of claims and the names so far as known of unallocated investors: with liberty to apply for directions. Upon the First Defendant's Amended Notice of Motion filed on 29 July 2008 9 Dismiss the Notice of Motion.