Krejci, in the matter of Camporeale Properties Pty Ltd (in liq) [2019] FCA 2199

Krejci, in the matter of Camporeale Properties Pty Ltd (in liq) [2019] FCA 2199

The Court appointed Mr Krejci as receiver and manager because the Company had been automatically removed as trustee on liquidation but remained bare legal owner of trust assets, no replacement trustee had been appointed, trust assets needed to be preserved and realised for the benefit of those interested in them and to meet liabilities to the extent possible, Westpac did not oppose the appointment, and the appointment would allow efficient administration of the liquidation with proper recourse to the trust property.

Jurisdiction
Australia
Judgment Date
24 December 2019
Procedural Posture
Urgent Application by a Liquidator for Appointment as Receiver and Manager Over Trust Property / Final Orders on Application
Outcome
Application granted; Mr Peter Paul Krejci appointed without security as receiver and manager over the business and assets of the Camporeale Property Trust.
Legal Topics
['company in Liquidation as Bare Trustee' 'appointment of Liquidator as Receiver and Manager' 'trust Property' 'receiver Powers' 'right of Exoneration' 'dispensation With Receiver Guarantee']
['corporations' 'insolvency' 'trusts' 'federal Court Procedure'] ['company in Liquidation as Bare Trustee' 'appointment of Liquidator as Receiver and Manager' 'trust Property' 'receiver Powers' 'right of Exoneration' 'dispensation With Receiver Guarantee']

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Procedural Posture

Urgent Application by a Liquidator for Appointment as Receiver and Manager Over Trust Property / Final Orders on Application

Legal Issues

  1. 1 ['Whether the Court should appoint the liquidator of a company in liquidation as receiver and manager over the business and assets of the Camporeale Property Trust under s 57(1) of the Federal Court of Australia Act 1976 (Cth).' 'Whether the receiver should have powers equivalent to those under s 420 of the Corporations Act 2001 (Cth) in respect of trust assets.' "Whether costs, expenses and remuneration should be paid from the Second Plaintiff's rights of exoneration as trustee of the Trust." 'Whether the need for the receiver to file a guarantee under rr 14.21 and 14.22 of the Federal Court Rules 2011 (Cth) should be dispensed with.']

Ratio Decidendi

The Court appointed Mr Krejci as receiver and manager because the Company had been automatically removed as trustee on liquidation but remained bare legal owner of trust assets, no replacement trustee had been appointed, trust assets needed to be preserved and realised for the benefit of those interested in them and to meet liabilities to the extent possible, Westpac did not oppose the appointment, and the appointment would allow efficient administration of the liquidation with proper recourse to the trust property.

Court Disposition

Application granted; Mr Peter Paul Krejci appointed without security as receiver and manager over the business and assets of the Camporeale Property Trust.

Orders

  • ['Pursuant to s 57(1) of Federal Court of Australia Act 1976 (Cth), Mr Peter Paul Krejci (Receiver), an official liquidator, be appointed without security as receiver and manager over the business and assets of the Camporeale Property Trust (Trust).' 'The Receiver have, in respect of the business and assets of the...