Dayroll Pty Ltd (in Liq) v Dayroll NSW Pty Ltd [2009] NSWSC 895

New South Wales Supreme Court

CITATION : Dayroll Pty Ltd (in Liq) v Dayroll NSW Pty Ltd [2009] NSWSC 895

HEARING DATE(S) : 28 August 2009

JUDGMENT DATE : 31 August 2009

JURISDICTION : Equity Division

JUDGMENT OF : Brereton J

DECISION : Liquidator entitled to indemnity for costs incurred to the extent of $15,000 being the amount of the new trustee's open offer

CATCHWORDS : EQUITY – trusts and trustees – powers, duties, rights and liabilities of trustees – claim by liquidator of trust for indemnity out of trust assets of costs incurred in liquidation – whether costs reasonably incurred in administration of trust or in liquidator's capacity as liquidator of the trustee company – whether liquidator's costs in defending proceedings in substance for own benefit rather than for trust – where open offer made to liquidator exceeds amount to which Court finds liquidator is entitled – open offer taken to be admission against interest

LEGISLATION CITED : (CTH) Corporations Act 2001, s 530C (NSW) Uniform Civil Procedure Rules 2005, r 42.25

CATEGORY : Principal judgment

13 Coromandel Place Pty Ltd v C L Custodians Pty Ltd (in liq) (1999) 30 ACSR 377 Chief Commissioner of Stamp Duties for New South Wales v Buckle (1998) 192 CLR 226 Glazier Holdings Pty Ltd (in liq) v Australian Men's Health Pty Ltd (in liq) [2006] NSWSC 1240 Lemery Holdings Pty Ltd v Reliance Financial Services Pty Ltd [2008] NSWSC 1344 CASES CITED : National Trustees Executors & Agency Co of Australasia Ltd v Barnes (1941) 64 CLR 268 Octavo Investments Pty Ltd v Knight (1979) 144 CLR 360 re Beddoe [1893] 1 Ch 547; Re Suco Gold Pty Ltd (in liq) (1983) 33 SASR 99, 109; (1983) 7 ACLR 873, 882 Re Sutherland, French Caledonian Travel Service Pty Ltd (in liq) (2003) 59 NSWLR 361