Ciccarello, in the matter of Adelaide Property Development Pty Ltd ACN 118 023 868 v Cubelic [2008] FCA 141

Ciccarello, in the matter of Adelaide Property Development Pty Ltd ACN 118 023 868 v Cubelic [2008] FCA 141

Given exclusion of a director from management and lack of disclosure over application of proceeds of sale, and given risk to proper application of trust assets, it is appropriate to appoint a receiver and manager over the Beach Road Brighton property held by APD, limited to protect those assets; further orders to regulate other assets and accounts are not presently justified and would unduly increase costs.

Jurisdiction
Australia
Judgment Date
22 February 2008
Procedural Posture
Corporate/trust/equity Dispute / Interlocutory Application for Appointment of Receiver and Manager
Outcome
Interlocutory order—receiver and manager appointed over property
Legal Topics
['appointment of Receiver and Manager' 'trustee Obligations' 'oppression in Trustee Companies' 'powers of Federal Court Under Corporations Act and Federal Court of Australia Act']
['corporations Law' 'equity' 'trusts'] ['appointment of Receiver and Manager' 'trustee Obligations' 'oppression in Trustee Companies' 'powers of Federal Court Under Corporations Act and Federal Court of Australia Act']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporate/trust/equity Dispute / Interlocutory Application for Appointment of Receiver and Manager

Legal Issues

  1. 1 ['Whether the Federal Court should appoint a receiver and manager over trust property held by a trustee company' 'Appropriate circumstances for exercise of power to appoint a receiver/manager under s 233 of the Corporations Act and s 57 of the Federal Court of Australia Act' 'Whether interlocutory relief is justified in light of trustee company structure and conduct']

Ratio Decidendi

Given exclusion of a director from management and lack of disclosure over application of proceeds of sale, and given risk to proper application of trust assets, it is appropriate to appoint a receiver and manager over the Beach Road Brighton property held by APD, limited to protect those assets; further orders to regulate other assets and accounts are not presently justified and would unduly increase costs.

Court Disposition

Interlocutory order—receiver and manager appointed over property

Orders

  • ['A receiver and manager to be appointed (without security) over the Beach Road Brighton property held by APD as trustee, to take over sale of that asset;' 'Proceeds to be applied to discharge the secured creditor, balance to be held for further direction;' "APD and the Cubelics restrained from selling or offering...