In the matter of PrimeSpace Property Investment Limited (in liquidation) [2016] NSWSC 1891

Supreme Court New South Wales

Medium Neutral Citation: In the matter of PrimeSpace Property Investment Limited (in liquidation) [2016] NSWSC 1891 Hearing dates: 15 December 2016 (last submissions 20 December 2016) Decision date: 22 December 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direction made that liquidators would be justified in distributing funds held by PPIL as trustee and responsible entity of unregistered managed investment fund to pay specified costs of examinations and obtaining Counsel's advice. Catchwords: TRUSTS – Reliance on right of indemnity for trustee's costs of examinations and seeking legal advice. Legislation Cited: - Corporations Act 2001 (Cth), ss 479, 511, 601FC, Pt 5.9, Ch 5C - Trustee Act 1925 (NSW), s 63 Cases Cited: - BCI Finances Pty Ltd v Binetter (No 4) [2016] FCA 1351 - Bilta (UK) Ltd (in liq) v Nazir (No 2) [2016] AC 1 - PrimeSpace Property Investment Ltd v Vienne Pty Ltd [2015] FCA 326 - PrimeSpace Property Investment Ltd v Vienne Pty Ltd (No 2) [2015] FCA 367 - Re Ansett Australia Ltd (No 3) (2002) 115 FCR 409 - Re MF Global Australia Ltd (in liq) [2012] NSWSC 994; (2012) 267 FLR 27 - Re Willmott Forests Ltd (No 2) [2012] VSC 125; (2012) 88 ACSR 18 - Stone & Rolls Ltd (in liq) v Moore Stephens (a firm) [2009] UKHL 39; [2009] AC 1391 Texts Cited: - JD Heydon and MJ Leeming, Jacobs' Law of Trusts in Australia (7th ed 2006, LexisNexis Butterworths) Category: Procedural and other rulings Parties: Shaun Robert Fraser (First Plaintiff) Anthony Gregory McGrath (Second Plaintiff) Primespace Property Investment Limited (in liquidation) (Third Plaintiff) IQIT Nominees Pty Ltd as trustee of the IQ Investment Trust (Defendant) Representation: Counsel: V Whittaker (Plaintiffs)