In the matter of Stream Customised Claims Pty Ltd (recs & mgrs apptd) (in liquidation) [2018] NSWSC 1812

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Stream Customised Claims Pty Ltd (recs & mgrs apptd) (in liquidation) [2018] NSWSC 1812 Hearing dates: 14 November 2018 Decision date: 27 November 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direction given to the Plaintiffs that the Westpac Money is not held on trust for the benefit of SGA and is property of SCC for the purposes of the Corporations Act 2001 (Cth). Catchwords: EQUITY – trusts and trustees – express trust – where no reference in the correspondence to an intent to create a trust or a proprietary interest – where no suggestion that recipient of relevant monies was bound to keep them separate from its other funds – whether relevant monies received were held on trust. Cases Cited: - Cohen v Cohen (1929) 42 CLR 91 - Commissioner of State Revenue (Vic) v Snowy Hydro Ltd [2012] VSCA 145 - Georges (in his capacity as joint and several liquidator of Sonray Capital Markets Pty Ltd (in liq)) v Seaborn International Pty Ltd (as trustee for the Seaborn Family Trust) [2012] FCAFC 140; (2012) 206 FCR 408 - Henry v Hammond (1913) 2 KB 515 - Korda v Australian Executor Trustees (SA) Ltd [2015] HCA 6; (2015) 225 CLR 62 - McManus RE Pty Ltd v Ward [2009] NSWSC 440 - Orica Ltd v Commissioner of Taxation [2010] FCA 197 - Parker v Higgins [2012] NSWSC 1516 - Puma Australia Pty Ltd v Sportsman's Australia Limited (No 2) [1994] 2 Qd R 159 - Re Courtenay House Capital Trading Group Pty Ltd (in liq) [2018] NSWSC 404 - Re Kit Digital Australia Pty Ltd (in liq) [2014] NSWSC 1547 - Re One.Tel Network Holdings Pty Ltd [2001] NSWSC 1065; (2001) 40 ACSR 83 - Walker v Corboy (1990) 19 NSWLR 382 - Walsh Bay Developments Pty Ltd v Federal Commissioner of Taxation (1995) 130 ALR 415 Texts Cited: JD Heydon and MJ Leeming, Jacobs' Law of Trusts in Australia, (7th ed, 2006, LexisNexis Butterworths) Category: Principal judgment Parties: Tim Heesh and Mali Thaggard as the joint and several receivers of Stream Customised Claims Pty Ltd (receivers and managers appointed) (in liquidation) (Plaintiffs) John Richard Park and Kelly-Anne Lavina Trenfield as the joint and several liquidators of Stream Group Aust Pty Ltd (in liquidation) (First and Second Defendants) David Clout and Patricia Talty as the joint and several liquidators of Stream Customised Claims Pty Ltd (receivers and managers appointed) (in liquidation) (Third and Fourth Defendants) Stream Group Aust Pty Ltd (in liquidation) (Fifth Defendant) Stream Customised Claims Pty Ltd (receivers and managers appointed) (in liquidation) (Sixth Defendant) Representation: Counsel: D Neggo (Plaintiffs) M McKechnie (First, Second, Fifth Defendants)