Ward, in the matter of PIC Lindfield 19 Pty Ltd (in liquidation) v Zhu [2021] FCA 1526

Ward, in the matter of PIC Lindfield 19 Pty Ltd (in liquidation) v Zhu [2021] FCA 1526

Liquidators were appointed receivers and managers of all property, assets, and undertakings of the PIC Lindfield 19 Unit Trust, as the company ceased to be trustee upon liquidation and had incurred liabilities in its capacity as trustee; the receivers are empowered to realise the assets for the benefit of creditors. Confidentiality orders were appropriate to prevent prejudice to auction of the apartments.

Jurisdiction
Australia
Judgment Date
03 December 2021
Procedural Posture
Urgent Application / Interlocutory Orders and Final Orders Made
Outcome
Application successful; receivers and managers appointed; confidentiality orders made.
Legal Topics
['appointment of Receivers Over Trust Assets' 'liquidation of Corporate Trustee' 'confidentiality Orders' 'priority of Mortgages' 'right of Indemnity for Trustee Debts']
['corporations' 'insolvency'] ['appointment of Receivers Over Trust Assets' 'liquidation of Corporate Trustee' 'confidentiality Orders' 'priority of Mortgages' 'right of Indemnity for Trustee Debts']

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Procedural Posture

Urgent Application / Interlocutory Orders and Final Orders Made

Legal Issues

  1. 1 ["Whether it is appropriate to appoint the liquidators as receivers and managers of the assets of the PIC Lindfield 19 Unit Trust after the corporate trustee's liquidation" 'Whether confidentiality orders should be made over property valuation and selling agreements']

Ratio Decidendi

Liquidators were appointed receivers and managers of all property, assets, and undertakings of the PIC Lindfield 19 Unit Trust, as the company ceased to be trustee upon liquidation and had incurred liabilities in its capacity as trustee; the receivers are empowered to realise the assets for the benefit of creditors. Confidentiality orders were appropriate to prevent prejudice to auction of the apartments.

Court Disposition

Application successful; receivers and managers appointed; confidentiality orders made.

Orders

  • ['Appointment of Grahame Ward and Thyge Trafford-Jones as receivers and managers of all property, assets, and undertakings of the PIC Lindfield 19 Unit Trust; powers granted as per Corporations Act 2001 s 420 excluding subsections 420(2)(s),(t),(u),(w); costs, expenses and remuneration to be paid from the assets;...