In the matter of Ian James Purchas as Liquidator of Astarra Asset Management Pty Ltd (in liq) [2011] NSWSC 91

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Ian James Purchas as Liquidator of Astarra Asset Management Pty Ltd (in liq) [2011] NSWSC 91 Hearing dates: 23 February 2011 Decision date: 01 March 2011 Jurisdiction: Equity Division - Corporations List Before: Ward J Decision: Orders made for distribution of funds received by Astarra in its capacity as investment manager and agent for the responsible entity of the Astarra Strategic Fund. Declaration as to entitlement of Astarra to shares in Gulf Mines Limited. Catchwords: JUDICIAL ADVICE - application for judicial advice and orders under s 511 of the Corporations Act 2001 or alternatively under ss 63 and 81 of the Trustee Act 1925 - HELD - it was just and beneficial for advice to be given as to the entitlement of the liquidator to deal with assets held by it but in respect of which there was legitimate doubt Legislation Cited: Corporations Act 2001 (Cth) Supreme Court Act 1970 (NSW) Trustee Act 1925 (NSW) Cases Cited: Crawford v Oswald Park Pty Ltd (in liq) [2006] NSWSC 987 Dean-Willcocks v Soluble Solution Hydroponics (1997) 42 NSWLR 209 Grossman v E Katz Manufacturing Jewellers (2004) 213 ALR 373 Harrison v Mills [1976] 1 NSWLR 42 Hartigan Nominees Pty Ltd v Rydge (1992) 29 NSWLR 405 Macedonian Orthodox Community Church v His Eminence Petar the Diocesan Bishop of the Macedonian Orthodox Diocese (2008) 237 CLR 66 Re Anglican Insurance Ltd [2008] NSWSC 41 Re Application of Sutherland (2004) 50 ACSR 297 Re Kirkegaard [1950] St R Qd 144 Re Petersen [1920] St R Qd 42 Re Universal Distributing Co Ltd (1933) 48 CLR 171 S & D International v MIG Property Services [2010] VSC 336 Shiraz Nominees (in liq) v Collinson (1985) 10 ACLR 7; 3 ACLC 706 Shirlaw v Taylor (1991) 31 FCR 222 Trio Capital Ltd (Administrators appointed) v ACT Superannuation Management Pty Ltd [2010] NSWSC 286 Texts Cited: Austin & Black's Annotations to the Corporations Act Category: Principal judgment Parties: Ian James Purchas as liquidator of Astarra Asset Management Pty Ltd (in liq) (Plaintiff) Representation: Counsel: D R Stack (Plaintiff) Solicitors: Kemp Strang (Plaintiff) Church & Grace (Trio Capital Ltd (in liq)) File Number(s): 10/403371