In the matter of PrimeSpace Property Investment Limited (in liquidation) [2018] NSWSC 919

Supreme Court New South Wales

Medium Neutral Citation: In the matter of PrimeSpace Property Investment Limited (in liquidation) [2018] NSWSC 919 Hearing dates: 7 June 2018 Decision date: 20 June 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direct that the liquidators of PrimeSpace Property Investment Limited (in liquidation) ("PPIL") are justified in setting off the liabilities of each of Prime Access Property Fund ("PAPF") and PrimeSpace Northbourne Trust ("PSNT") against the other, resulting in a net liability of PPIL in its capacity as trustee of PAPF to PPIL in its capacity as trustee of PSNT. Catchwords: TRUSTS – Application for judicial advice as to availability of set-off of debts under Corporations Act 2001 (Cth) ss 479(3) and 511. Legislation Cited: - Civil Procedure Act 2005 (NSW) ss 21, 90 - Corporations Act 2001 (Cth) ss 479, 511, 553C, 1551, 1617 - Insolvency Law Reform Act 2016 (Cth) - Trustee Act 1925 (NSW) s 63 Cases Cited: - Cherry v Boultbee (1839) 41 ER 171 - Day & Dent Constructions Pty Ltd (in liq) v North Australian Properties Pty Ltd (prov liq apptd) (1982) 150 CLR 85 - Dean-Willcocks v Soluble Solution Hydroponics Pty Ltd (1997) 42 NSWLR 209 - Gye v McIntyre (1991) 171 CLR 609 - Hall v Poolman [2007] NSWSC 1330; (2007) 215 FLR 243; 65 ACSR 123 - Handberg v MIG Property Services Pty Ltd [2010] VSC 336; (2010) 79 ACSR 373 - Mine & Quarry Equipment International Ltd v McIntosh [2005] QCA 186; (2005) 54 ACSR 1 - Re Anglican Development Fund Diocese of Bathurst (recs and mgrs apptd) [2015] NSWSC 440 - Re Ansett Australia Ltd (No 3) [2002] FCA 90; (2002) 115 FCR 409 - Re Australian Institute of Professional Education Pty Ltd (in liq) [2018] FCA 780 - Re Cannuli Holdings Pty Ltd (in liq) [2018] NSWSC 638 - Re eChoice Ltd (admin apptd) [2017] FCA 1582 - Re Hawden Property Group Pty Ltd (in liq) [2018] NSWSC 481; (2018) 125 ACSR 355 - Re MF Global Australia Ltd (in liq) [2012] NSWSC 994; (2012) 267 FLR 27 - Re Mackie Group Pty Ltd (in liq) [2017] VSC 477 - Re Octaviar Administration Pty Ltd (in liq) [2017] NSWSC 1556 - Re Peruvian Railway Construction Company Ltd [1915] 2 Ch 144 - Re PrimeSpace Property Investment Ltd (in liq) [2016] NSWSC 1113 - Re PrimeSpace Property Investment Ltd (in liq) [2016] NSWSC 1450 - Re PrimeSpace Property Investment Ltd (in liq) [2016] NSWSC 1821 - Re PrimeSpace Property Investment Ltd (in liq) [2016] NSWSC 1891 - Re PrimeSpace Property Investment Limited (in liq) [2017] NSWSC 386 - Smith v Bone [2015] FCA 319; (2015) 104 ACSR 528 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/J Anderson (Plaintiffs) D Stack (Defendant)