In the matter of SDA Propertys No 2 Pty Ltd (in liquidation) [2025] NSWSC 100

In the matter of SDA Propertys No 2 Pty Ltd (in liquidation) [2025] NSWSC 100

The orders sought for the appointment of Mr Sampson as receiver and manager over the trust assets of SDA2, SDA4, and SDA5 should be granted. Each company acted only as corporate trustee, and the appointments will secure their rights of indemnity against trust assets and enable realisation for trust creditors' benefit.

Parties
First Plaintiff: David Henry Sampson as liquidator of SDA Propertys No 2 Pty Ltd (in liquidation), SDA Property's No 4 Pty Ltd (in liquidation), and SDA Property's No 5 Pty Ltd (in liquidation); Second Plaintiff: SDA Propertys No 2 Pty Ltd (in liquidation); Third Plaintiff: SDA Property's No 4 Pty Ltd (in liquidation); Fourth Plaintiff: SDA Property's No 5 Pty Ltd (in liquidation)
Jurisdiction
Australia
Judgment Date
17 February 2025
Procedural Posture
Corporations (equity) / Application for Appointment of Receiver and Manager
Outcome
Orders sought by the Plaintiffs granted.
Legal Topics
Corporate Trustees, Receivership, Trusts, Liquidation, Trustee's Right of Indemnity
Corporations Law Equity Corporate Trustees Receivership Trusts Liquidation Trustee's Right of Indemnity

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Parties

David Henry Sampson as liquidator of SDA Propertys No 2 Pty Ltd (in liquidation), SDA Property's No 4 Pty Ltd (in liquidation), and SDA Property's No 5 Pty Ltd (in liquidation)

First Plaintiff

SDA Propertys No 2 Pty Ltd (in liquidation)

Second Plaintiff

SDA Property's No 4 Pty Ltd (in liquidation)

Third Plaintiff

SDA Property's No 5 Pty Ltd (in liquidation)

Fourth Plaintiff

Procedural Posture

Corporations (equity) / Application for Appointment of Receiver and Manager

Legal Issues

  1. 1 Whether the liquidator of corporate trustees should be appointed as receiver and manager over trust assets
  2. 2 Whether the receiver may have recourse to trust assets for costs and expenses in the winding up

Ratio Decidendi

The orders sought for the appointment of Mr Sampson as receiver and manager over the trust assets of SDA2, SDA4, and SDA5 should be granted. Each company acted only as corporate trustee, and the appointments will secure their rights of indemnity against trust assets and enable realisation for trust creditors' benefit.

Court Disposition

Orders sought by the Plaintiffs granted.

Orders

  • David Henry Sampson appointed, without security, as receiver and manager of all property, assets and undertakings of the SDA Propertys No2 Trust, SDA Property's No 4 Trust, and SDA Property's No 5 Trust, including proceeds.
  • Dispensation of requirement for the Receiver to file a guarantee under rule 26.3 of the Uniform Civil Procedure Rules 2005 (NSW).