Lakomy (liquidator), in the matter of Bennett Murada Pty Limited (in liq) [2024] FCA 245

Lakomy (liquidator), in the matter of Bennett Murada Pty Limited (in liq) [2024] FCA 245

It is just and convenient to appoint the liquidator as receiver over the trust assets to facilitate access to trust funds, satisfy creditor claims, and enable the winding up of the company due to the company's exclusive operation as trustee and the practical impediments faced (e.g. Westpac requiring a court order). The orders ensure appropriate powers, payment priorities, and avenues for variation, reflecting established principles for insolvency of former trustees.

Parties
First Plaintiff: Andre Lakomy in his capacity as liquidator of Bennett Murada Pty Limited (in liquidation) ACN 638 325 658; Second Plaintiff: Bennett Murada Pty Limited (in liquidation) ACN 638 325 658
Jurisdiction
Australia
Judgment Date
13 March 2024
Procedural Posture
Corporations Application for Appointment of Receiver to Trust Assets / Interlocutory Application and Orders
Outcome
Orders made appointing the first plaintiff as receiver without security over the trust assets, with specified powers and priority for remuneration and costs.
Legal Topics
Appointment of Receiver, Trust Assets, Liquidation, Indemnity of Trustee, Receivership Powers
Corporations Law Equity and Trusts Insolvency Appointment of Receiver Trust Assets Liquidation Indemnity of Trustee Receivership Powers

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Parties

Andre Lakomy in his capacity as liquidator of Bennett Murada Pty Limited (in liquidation) ACN 638 325 658

First Plaintiff

Bennett Murada Pty Limited (in liquidation) ACN 638 325 658

Second Plaintiff

Procedural Posture

Corporations Application for Appointment of Receiver to Trust Assets / Interlocutory Application and Orders

Legal Issues

  1. 1 Whether it is just and convenient to appoint the liquidator as receiver of the trust assets under s 57 of the Federal Court of Australia Act 1976 (Cth)
  2. 2 Whether the liquidator should have the powers of a receiver over trust assets
  3. 3 Priorities for payment from trust assets including liquidator's remuneration

Ratio Decidendi

It is just and convenient to appoint the liquidator as receiver over the trust assets to facilitate access to trust funds, satisfy creditor claims, and enable the winding up of the company due to the company's exclusive operation as trustee and the practical impediments faced (e.g. Westpac requiring a court order). The orders ensure appropriate powers, payment priorities, and avenues for variation, reflecting established principles for insolvency of former trustees.

Court Disposition

Orders made appointing the first plaintiff as receiver without security over the trust assets, with specified powers and priority for remuneration and costs.

Orders

  • The first plaintiff is appointed, without security, as receiver and manager over the property, assets and undertaking of the Bennett Family Trust.
  • Dispensation of the need for the receiver to file guarantee under r 4.21(b) and r 4.22 of the Federal Court Rules 2011 (Cth).