In the matter of KSK Holdings (Australia) Pty Ltd (in liquidation) [2019] NSWSC 1463

Supreme Court New South Wales

Medium Neutral Citation: In the matter of KSK Holdings (Australia) Pty Ltd (in liquidation) [2019] NSWSC 1463 Hearing dates: 15 July 2019 Decision date: 28 October 2019 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Directions to liquidator made as sought: see [27] Catchwords: CORPORATIONS — Winding up — Directions to liquidator — Corporate trustee — Where company trustee of two family trusts identified by different ABNs — Company removed as trustee of second trust on winding up by ipso facto clause in deed — No deed of first trust — Property held by company, apparently as trustee of the first trust — Issue as to source of funds — Declaration that company remains trustee of first trust — Direction to enable liquidator to sell property. Legislation Cited: Corporations Act 2001 (Cth), s 601AD Insolvency Practice Schedule (Corporations), s 90-15 Cases Cited: Dean-Wilcox v Soluble Solution Hydroponics Pty Limited (1997) 42 NSWLR 209; (1997) 24 ACSR 79 In the matter of 7 Steel Distribution Pty Limited (in liquidation) (receivers and managers appointed) [2013] NSWSC 669 In the matter of Bevillesta Pty Ltd (in voluntary administration) (2011) 254 FLR 324; [2011] NSWSC 417 In the matter of Direct Acceptance Corporation Ltd (receivers Appointed) (in liquidation) (2019) 136 ACSR 245; [2019] NSWSC 395 In the matter of Dungowan Manly Pty Ltd (in liquidation) (2017) 124 ACSR 218; [2017] NSWSC 1771 In the matter of Dungowan Manly Pty Limited (in liq) [2018] NSWSC 1083 In the matter of Hawden Property Group Pty Ltd (in liq) (ACN 003 528 345) (2018) 125 ACSR 355; [2018] NSWSC 481 In the matter of MF Global Australia Ltd (in liquidation) (2012) 267 FLR 27; [2012] NSWSC 994 In the matter of Octaviar Administration Pty Ltd (in liq) [2017] NSWSC 1556 Korda v Silkchime Pty Ltd (2010) 243 FLR 269; [2010] WASC 155 Re Ansett Australia Ltd (2001) 39 ACSR 355; [2001] FCA 1439 Re Danial Efrat Consulting Services (receiver appointed) (in liq) (1999) 91 FCR 154; [1999] FCA 412 Category: Principal judgment Parties: Gavin Moss in his capacity as liquidator of KSK Holdings (Australia) Pty Ltd (in liquidation) (First Plaintiff) KSK Holdings (Australia) Pty Ltd (in liquidation) as trustee for the Krstic Trust and of the Krstic Family Trust (Second Plaintiff)