Aspinall v Aqua Sports Pty Ltd [2018] NSWSC 706

Supreme Court New South Wales

Medium Neutral Citation: Aspinall v Aqua Sports Pty Ltd [2018] NSWSC 706 Hearing dates: 11 May 2018 Date of orders: 11 May 2018 Decision date: 18 May 2018 Jurisdiction: Equity Before: Ward CJ in Eq Decision: (1) Order pursuant to s 70 of the Trustee Act 1925 (NSW) (Trustee Act) that: (a) Blair Pleash of Level 40, 2 Park Street, Sydney in the State of New South Wales, chartered accountant and registered liquidator; and (b) Joanne Freeman, of Level 40, 2 Park Street, Sydney in the State of New South Wales, chartered accountant and registered liquidator (collectively "the New Trustees") be appointed trustees of the trust known as the "Aspinall Trust", the terms of which are contained in a deed of trust dated 19 June 1997 and as amended by a deed poll dated 21 October 2010 (Trust), in substitution for Aqua Sports Pty Ltd (ACN 078 971 945). (2) Order pursuant to s 71 of the Trustee Act that all of the property held subject to the Trust be vested in the New Trustees. (3) Direct that, subject to any orders that may be made in the Family Court of Australia in proceedings No. SYC 3079/2016, the New Trustees not take any step to cease or cause the cessation of the operation of the swim school business presently carried on by the first defendant or to terminate the employment of the second defendant or any other current employee of the swim school business without: (a) the written consent of each of the plaintiff and second to fifth defendants or (b) in accordance with an order of the Family Court of Australia. (4) Balance of the summons be otherwise dismissed. (5) Order that the plaintiff's costs of these proceedings be paid out of the property held subject to the trust on the ordinary basis. Catchwords: EQUITY – Trusts and trustees – Court's supervision of trustees – Appointment and removal of trustees – Where trustee company deadlocked – Order for payment of plaintiff's costs out of the trust estate on the ordinary basis