In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and others [2016] NSWSC 907

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and others [2016] NSWSC 907 Hearing dates: 21 and 22 June 2016 Decision date: 30 June 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Applicants to bring in short minutes of order to give effect to this judgment. Order that the Applicants' costs of this application be costs of the winding up of the relevant managed investment schemes. Catchwords: CORPORATIONS — unregistered managed investment schemes — where liquidators of several unregistered managed investment schemes applied for various directions under s 601EE(2) of the Corporations Act 2001 (Cth) – where the managed investment schemes accepted investments from international business companies – where direction sought whether liquidators were justified in treating as the true investors the individuals who established the international business companies rather than the companies themselves – where directions sought whether liquidators were justified in proceeding on the basis of a pari passu distribution among investors in the relevant schemes in proportion to their unit holdings subject to investors first bringing into hotchpot any "returns" received – where liquidators also sought various other directions – whether the administrators of the schemes held investor funds on express or resulting trust for the scheme investors – whether the directions sought should be made. Legislation Cited: - Corporations Act 2001 (Cth), ss 479, 511, 601ED, 601EE Cases Cited: - ASIC v Tasman Investment Management Ltd [2006] NSWSC 943; (2006) 202 FCR 343 - Australian Securities and Investments Commission v Commercial Nominees of Australia Ltd (as trustee for Confidens Investment Trust) [2002] NSWSC 576; (2002) 42 ACSR 240 - Australian Securities and Investments Commission v Edwards [2009] QSC 360 - Australian Securities and Investments Commission v Idylic Solutions Ltd [2009] NSWSC 1306; (2009) 76 ACSR 129 - Friend v Brooker [2009] HCA 21; (2009) 239 CLR 129 - Handberg (in his capacity as liquidator of S & D International Pty Ltd) (in liq) v MIG Property Services Pty Ltd [2010] VSC 336; (2010) 79 ACSR 373 - Idylic Solutions Pty Ltd – Australian Securities and Investments Commission v Hobbs [2012] NSWSC 1276 - Korda v Australian Executor Trustees (SA) Ltd [2015] HCA 6; (2015) 255 CLR 62 - PFL Ltd (formerly known as Palandri Finance Ltd) (admins apptd) v Public Trustee of Queensland (No 2) [2008] WASC 234; (2008) 68 ACSR 309 - Quince v Varga [2008] QCA 376 - Re Australian Elizabethan Theatre Trust (1991) 30 FCR 491 - Re G B Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 - Re Mento Developments (Aust) Pty Ltd (in liq) [2009] VSC 343; (2009) 73 ACSR 622 - Re MF Global Australia Ltd (in liq) [2012] NSWSC 994; (2012) 267 FLR 27 - Re Purchas (as liquidator of Astarra Asset Management Pty Ltd (in liq)) [2011] NSWSC 91 - Re Rowena Nominees Pty Ltd; Ex Parte Conlan (2006) 199 FLR 415 - Re Sutherland; French Caledonia Travel Service Pty Ltd (in liq) [2003] NSWSC 1008; (2003) 59 NSWLR 361 - Re Willmott Forests Ltd (recs and mgrs apptd) (in liq) (No 2) [2012] VSC 125; (2012) 88 ACSR 18 - Shortall v White [2007] NSWCA 372 - Twinsectra Limited v Yardley [2002] 2 AC 164 Category: Principal judgment Parties: Barry Anthony Taylor and Andrew Fletcher Needham (Applicants) Representation: Counsel: M Oakes SC/B Lim (Applicants)