In the matter of Austec Wagga Wagga Pty Limited (in liquidation) [2018] NSWSC 1476

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Austec Wagga Wagga Pty Limited (in liquidation) [2018] NSWSC 1476 Hearing dates: 7 November 2017 Date of orders: 03 October 2018 Decision date: 03 October 2018 Jurisdiction: Equity - Corporations List Before: Brereton JA Decision: Judicial advice refused Catchwords: TRUSTS – applications by trustees – judicial advice – "winding up" of trust – where liquidator of trustee appointed as replacement trustee – where right of indemnity will exhaust trust assets – whether court should declare trust terminated or advise trustee that justified in acting on basis that terminated – whether trustee can retire – whether court should give leave to trustee to retire Legislation Cited: (CTH) Corporations Act 2001, s 477(2A), s 477(2B), s 511, s 601EE, s 1337C(1) (NSW) Trustee Act 1925, s 8, s 63, s 70. Cases Cited: Austec Wagga Wagga Pty Ltd v Rarebreed Wagga Pty Ltd [2012] NSWSC 343 Austec Wagga Wagga v Cullen [2015] FCA 400 Belar Pty Ltd (In Liq) v Mahaffey [2000] 1 Qd R 477 Chadwick v Heatley (1845) 2 Coll 137; (1845) 63 ER 671 Chief Commissioner of Stamp Duties for New South Wales v Buckle (1998) 192 CLR 226 Commonwealth of Australia v Matthew James Byrnes and Stewart Reed Hewitt in their capacity as joint and several receivers and managers of Amerind Pty Ltd (receivers and managers appointed) (in liquidation) [2018] VSCA 41 Cullen & Cullen [2015] FamCA 567; CAC 200 of 2010 (reported as Cuthbert & Cuthbert) Eggleston, Re [1940] VLR 474 Exhall Coal Co Ltd, Re (1866) 55 ER 970 Fordyce v Ryan [2016] QSC 307 Forshaw v Higginson (1855) 20 Beav 485; 52 ER 690 Gramarker Pty Ltd, In the matter of; Clifford Sanderson (as liquidator of Gramarker Pty Limited) v Simon Kerr [2014] NSWSC 243 Grime Carter & Co Pty Ltd v Whyte's Furniture (Dubbo) Pty Ltd [1983] 1 NSWLR 158; (1983) 7 ACLR 540 Horwath Corporate Pty Limited v Huie [1999] NSWSC 583 Indopal Pty Ltd, Re (1987) 12 ACLR 54 Irvine v Australian Sharetrading and Underwriting Ltd (1996) 22 ACSR 765 Jennings v Mather [1901] 1 KB 108 Jones (Liquidator) v Matrix Partners Pty Ltd, in the matter of Killarnee Civil & Concrete Contractors Pty Ltd (in liq) [2018] FCAFC 40 Lemery Holdings Pty Ltd v Reliance Financial Services Pty Ltd [2008] NSWSC 1344; (2008) 74 NSWLR 550 Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar the Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand [2008] HCA 42; (2008) 237 CLR 66 Moore's Will, In re; Moore v Willis (1901) 1 SR (NSW) Eq 148 Octavo Investments Pty Ltd v Knight (1979) 144 CLR 360 O'Neill, Official Assignee of v O'Neill (1898) 16 NZLR 628 Park & Muller (liquidators of LM Investment Management Ltd) v Whyte (receiver of the LM First Mortgage Investment Fund) [2015] QSC 283 Savage v Union Bank of Australia Ltd [1906] HCA 37; (1906) 3 CLR 1170 Smith, In the Marriage of (No 3) [1986] HCA 36; (1986) 161 CLR 217 Stacks Managed Investments Ltd, In re [2005] NSWSC 753 Suco Gold Pty Ltd (In Liq), Re (1983) 33 SASR 99 Vacuum Oil Co Pty Ltd v Wiltshire (1945) 72 CLR 319 Wales v Wales [2015] VSCA 345 Texts Cited: Heydon JD and Leeming MJ, Jacobs Law of Trusts in Australia, 8th ed Underhill & Hayton, Law Relating to Trusts and Trustees, 17th ed, [27.2]. Category: Principal judgment Parties: Christopher Mel Chamberlain (P) Representation: Counsel: M.J. Dawson (P)