Sando Australia Pty Limited v Australian Securities and Investment Commission [2019] NSWSC 402

Supreme Court New South Wales

Medium Neutral Citation: Sando Australia Pty Limited v Australian Securities and Investment Commission [2019] NSWSC 402 Hearing dates: 9 April 2019 Date of orders: 09 April 2019 Decision date: 09 April 2019 Jurisdiction: Equity Before: Hallen J Decision: The Court:

(a) Orders, pursuant to s 70 of the Trustee Act 1925 (NSW) that Sando Australia Pty Ltd (ACN 001 104 703) be appointed as trustee of the Grandview Trust.

(b) Orders, pursuant to s 71 of the Trustee Act that the rights of the mortgagee, Iago Holdings Pty Limited, a company that has been deregistered, in respect of registered mortgages numbered Y130092 and Y130094 (as varied by registered Variation of Mortgage number E565288) over the land referred to in Certificate of Title folio identifier 7/258061, vest in Sando Australia Pty Ltd, as the trustee of the Grandview Trust, on such terms as the mortgages were held by Iago Holdings Pty Ltd.

(c) Makes no order as to the Plaintiffs' costs to the intent that it, and he, will bear its, and his, own costs of the proceedings.

(d) Orders that the costs of the Defendant, calculated on the ordinary basis, be paid by the Plaintiffs.

(e) Orders that the balance of the relief claimed in the amended Summons be dismissed. Catchwords: EQUITY – Trusts and trustees – appointment of trustee – where former trustee of trust deregistered – whether new trustee of the trust should be appointed under s 70 of the Trustee Act 1925 (NSW) – where vesting order under s 71 of the Trustee Act sought in respect of mortgages held by previous trustee upon trust – whether vesting order should be made