NSW Caselaw
Reported Decision : 6 ABC (NS) 164
New South Wales Supreme Court
CITATION : Agusta Pty Ltd & Ors as trustees for the Cavallino Unit Trust v The Official Trustee in Bankruptcy as trustee of the bankrupt estates of Gustavo Ferella and Angelo Ferella [2008] NSWSC 685 This decision has been amended. Please see the end of the judgment for a list of the amendments.
HEARING DATE(S) : 28.02.08, 29.02.08, 07.03.08, 01.05.08, 04.06.08
JUDGMENT DATE : 8 July 2008
JUDGMENT OF : Nicholas J
DECISION : Par 66
CATCHWORDS : EQUITY – trusts and trustees – administration of trust upon bankruptcy of original trustees – sale of trust property – right of trustee in bankruptcy to retain proceeds of sale – whether proceeds of sale a trust asset – whether valid resignation by original trustee – whether trust fund vested in new trustee prior to bankruptcies – right of trustee in bankruptcy to indemnity from trust funds in respect of trust debts – whether indemnity extends to contingent liabilities – trustee in bankruptcy's equitable lien over trust property
LEGISLATION CITED : Bankruptcy Act 1966 (Cth)
CATEGORY : Principal judgment
Chief Commissioner of Stamp Duties (NSW) v Buckle (1995) 38 NSWLR 574; on appeal [1998] HCA 4; (1998) 192 CLR 226 Hayman v Equity Trustees Ltd [2003] VSC 353 Hewett v Court [1983] HCA 7; (1983) 149 CLR 639 Jennings v Mather [1901] 1 KB 108 Jennings v Mather [1902] 1 KB 1 Kennett v Charlton [2007] NSWSC 190 Octavo Investments Pty Ltd v Knight [1979] HCA 61; (1979) 144 CLR 360 CASES CITED : Re Application of Sutherland [2004] NSWSC 798 Re Suco Gold Pty Ltd (in liq) (1983) 33 SASR 99; (1983) 7 ACLR 873 Re Matheson; Ex parte Worrell v Matheson [1994] FCA 1021; (1994) 49 FCR 454 In re Pauling's Settlement Trusts (No2) [1963] Ch 576 Ronori Pty Ltd v ACN 101 071 998 Pty Ltd [2008] NSWSC 246 Savage & Whitelaw v Union Bank of Australia Ltd [1906] HCA 37; (1906) 3 CLR 1170 Vacuum Oil Co Pty Ltd v Wiltshire [1945] HCA 37; (1945) 72 CLR 319 Wood v W & G Dean Pty Ltd [1929] HCA 44; (1929) 43 CLR 77 X v A [2000] 1 All ER 490
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