In the matter of Inavas Pty Ltd [2017] NSWSC 1312

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Inavas Pty Ltd [2017] NSWSC 1312 Hearing dates: 4 September 2017 Date of orders: 28 September 2017 Decision date: 28 September 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Order made vesting superannuation interest in fund of which trustee was company since deregistered, including life policy proceeds held by ASIC, in trustee of new superannuation fund by way of rollover. Catchwords: CORPORATIONS – deregistration and reinstatement – vesting of property of deregistered corporation – superannuation entitlement – where trust property vested in Commonwealth – where vesting order under Trustee Act, s 70 available – held, superannuation entitlement vested in another compliant superannuation fund. Legislation Cited: (CTH) Income Tax Assessment Act 1936, s 23F (CTH) Corporations Act 2001, s 601AD, s 601AE, s 601AF, s 601AH, s 1400, s 1403 (CTH) Corporations Law 1990, s 574, s 576, s 577, s 1438 (CTH) Governance Review Implementation (Treasury Portfolio Agencies) Act 2007, Schedule 2, Part 2 (CTH) Australian Securities and Investments Commission Act 2001, s 8(6) (NSW) Trustee Act 1925, s 70, s 71 Cases Cited: Amcus Pty Limited v Hurst Rentals Pty Limited (No 2) [2010] NSWSC 239 ANZ v ASIC [2014] VSC 672 Clarke and Solomons' Agreement Trusts, Re (1905) 5 SR(NSW) 498 Danich Pty Ltd; Re Cenco Holdings Pty Ltd [2005] NSWSC 293; 53 ACSR 484 General Accident Assurance Corporation Ltd, Re [1904] 1 Ch 147 Richard Mills & Co (Brierly Hill) Ltd, Re [1905] WN 36 Rocha Pty Limited, Re (2016) 310 FLR 149; (2016) 114 ACSR 89; [2016] NSWSC 899 Taylor's Agreement Trusts, Re [1904] 2 Ch 737 Texts Cited: Cleary, J, The Evolution of the Regulation Governing Superannuation Funds since 1936, (thesis submitted to the Bond University Faculty of Law in fulfilment of the requirements for the Degree of Doctor of Philosophy), October 2010. Category: Principal judgment Parties: Robert Ihab Rafidi (plaintiff) Inavas Pty Ltd (deregistered) (defendant) Australian Securities and Investments Commission (second defendant) Representation: Counsel: JT Johnson (plaintiff)