In the matter of Parkway One Pty Limited (No 2) [2020] NSWSC 191

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Parkway One Pty Limited (No 2) [2020] NSWSC 191 Hearing dates: 2 March 2020 Date of orders: 02 March 2020 Decision date: 02 March 2020 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Liquidator of trustee company appointed as the receiver and manager to all property, assets and undertakings owned by the trust. Catchwords: CORPORATIONS — Receivers and managers —liquidator of corporate trustee seeking appointment as receiver and manager – no ipso facto clause – no requirement in trust deed to notify trustee of its removal – attempt by sole shareholder of corporate trustee to replace trust deed – attempt by sole shareholder to replace trustee – attempt by sole shareholder to circumvent court's earlier refusal to terminate liquidation including by reason of concerns as to commercial morality – appointment of liquidator as receiver and manager of trust property Legislation Cited: Supreme Court Act 1970 (NSW), s 67 Cases Cited: Amirbeaggi, In the matter of Simpkiss Pty Ltd (in liq) [2018] FCA 2121 Hosking, In the matter of Business Aptitude Pty Ltd (in liquidation) [2016] FCA 1438 In the matter of Parkway One Pty Ltd (in liquidation) [2019] NSWSC 1495 Jones (Liquidator) v Matrix Partners Pty Ltd, in the matter of Killarnee Civil & Concrete Contractors Pty Ltd (in liq) (2018) 124 ACSR 568; [2018] FCAFC 40 Staatz v Berry, in the matter of Wollumbin Horizons Pty Ltd (in liq) (No 3) (2019) 138 ACSR 231; [2019] FCA 924 Taylor (Liquidator) v CJ & KL Bond Super Pty Ltd, Re CJ & KL Bond Pty Ltd (in liq) [2018] FCA 1430 Category: Principal judgment Parties: Parkway One Pty Limited (Applicant) Zapato Pty Ltd (Interested Party) Representation: Counsel: Mr H Somerville (Applicant)