In the matter of PrimeSpace Property Investment Limited (in liquidation) [2016] NSWSC 1113

Supreme Court New South Wales

Medium Neutral Citation: In the matter of PrimeSpace Property Investment Limited (in liquidation) [2016] NSWSC 1113 Hearing dates: 23 June 2016 Decision date: 28 June 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: See [16] Catchwords: CORPORATIONS – Winding up – Application for directions under s 511 of the Corporations Act 2001 (Cth) – Whether liquidators justified in causing distributions to unitholders on the basis that the purported cancellation of units was invalid and of no effect – Application for judicial advice under s 63 of the Trustee Act 1925 (NSW) – Whether trustee justified in making distributions to unitholders on the basis that the purported cancellation of units was invalid and of no effect. Legislation Cited: - Corporations Act 2001 (Cth) - Income Tax Assessment Act 1936 (Cth) - Trustee Act 1925 (NSW) Cases Cited: - Mier v F N Management Pty Ltd [2006] 1 Qd R 339 - Re Ansett Australia Ltd v Korda (2002) 155 FCR 409 - Re Crusts 'n' Crumbs Bakers (Wholesale) Pty Ltd [1992] 2 Qd R 76 - Re Mento Developments (Aust) Pty Ltd (in liq) (2009) 73 ACSR 622 - Re MF Global Australia Ltd (in liq) (2012) 267 FLR 27 - Re Willmott Forests Ltd (No 2) (2010) 88 ACSR 18 Category: Principal judgment Parties: Shaun Robert Fraser (First Plaintiff) Anthony Gregory McGrath (Second Plaintiff) PrimeSpace Property Investment Limited (in liquidation) (Third Plaintiff) Representation: Counsel: J Williams (Plaintiffs)