Trio Capital Limited (Admin App) v ACT Superannuation Management Pty Ltd & Ors [2010] NSWSC 286

New South Wales Supreme Court

CITATION : Trio Capital Limited (Admin App) v ACT Superannuation Management Pty Ltd & Ors [2010] NSWSC 286

HEARING DATE(S) : 19 March 2010

JUDGMENT DATE : 16 April 2010

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Palmer J

DECISION : Schemes wound up on just and equitable ground.

CATCHWORDS : CORPORATIONS – MANAGED INVESTMENT SCHEME – WINDING UP – JUST AND EQUITABLE – Responsible entity insolvent – funds of Schemes probably lost in fraudulent investments – Schemes inherently improvident – considerations of public policy.

LEGISLATION CITED : Corporations Act 2001 (Cth) – s 168, s 436A, s 447D, s 601FS, s 601KA, s 601KB, s 601KE, s 601NC, s 601ND

CATEGORY : Principal judgment

Capelli v Shepard [2010] VSCA 2 CASES CITED : PWL Ltd, Re [2008] WASC 232 Rubicon Asset Management Ltd, Re (2009) 74 ACSR 346

Stephen James Parbery, Neil Singleton & Nicholas Martin in their capacity as Joint and Several Administrators of Trio Capital Limited (Administrators appointed) and others as defined in the schedule (Plaintiffs) ACT Superannuation Management Pty Ltd (First Defendant) Z. Rocksandic representing Millhouse IAG Private Equity Fund (Second Defendant) PARTIES : R. & E. Thornton, trustees for Raid Provident Fund and representing ARP Growth Fund (Third Defendants) G. & K. Kolsky, representing Asttar Portfolio Service (Fourth Defendants) Silverhall Holdings Pty Ltd, representing MARQ Capital Diversified Property Fund (Fifth Defendant) Huntley Management Pty Ltd, responsible entity of MillhouseIAG Private Equity Fund (Sixth Defendant)