In the matter of Wise Guys International Pty Limited (in liquidation) [2015] NSWSC 1245

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Wise Guys International Pty Limited (in liquidation) [2015] NSWSC 1245 Hearing dates: 22 June 2015 Decision date: 22 June 2015 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order that special leave be granted to the liquidator to distribute surplus assets of a trust. Orders in accordance with short minutes of order. Order that costs and expenses of the application be paid out of the assets of the Company. Catchwords: CORPORATIONS – winding up – application by liquidator for special leave to distribute surplus of assets in the liquidation of company – where surplus to be distributed to unitholders pursuant to a trust deed – where directions sought by liquidator as to allocating a vesting date of the trust – whether leave should be granted – whether direction should be given that the liquidator is entitled to terminate the trust, pursuant to the terms of the trust deed. Legislation Cited: - Corporations Act 2001 (Cth) ss 479, 479(3), 488, 488(2) - Trustee Act 1925 (NSW) s 63

- Corporations Regulations 2001 (Cth) reg 5.6.71 - Supreme Court (Corporations) Rules 1999 (Cth) Cases Cited: - Re Catombal Investments Pty Ltd [2014] NSWSC 313 - Re MF Global Australia Ltd (in liq) [2012] NSWSC 994; [2012] 267 FLR 27 Category: Procedural and other rulings Parties: Craig Neil Drury (Plaintiff) Wise Guys International Pty Ltd as a trustee of GT3RSR Unit Trust (First Defendant) Wise Guys International Pty Ltd as a trustee of YQSL Superannuation Fund (Second Defendant) Wise Guys International Pty Ltd (Third Defendant) Simon Arnold (Fourth Defendant) Representation: Counsel: G Cussen (solicitor – Applicant liquidator)