In the matter of Stephen Parbery, Nicholas Martin and Mark Robinson as liquidators of Trio Capital Limited (in liquidation) [2012] NSWSC 597

In the matter of Stephen Parbery, Nicholas Martin and Mark Robinson as liquidators of Trio Capital Limited (in liquidation) [2012] NSWSC 597

Because the relevant applicants paid application monies by no later than 15 October 2009 and units in the Astarra Strategic Fund were not issued to them within one month or at all, s 1017E of the Corporations Act 2001 (Cth) gave rise to a statutory trust requiring the monies held in the Application Account, plus accrued interest, to be returned to those applicants, subject to the liquidators' proper costs and expenses of realising and preserving the Fund.

Jurisdiction
Australia
Judgment Date
01 June 2012
Procedural Posture
Application for Advice, Opinion and Direction as to Distribution of Funds Held by Liquidators in Winding Up / Originating Process Filed on 3 April 2012; Principal Judgment
Outcome
Liquidators to bring in Short Minutes of Order to give effect to the judgment within seven days.
Legal Topics
['corporations Act 2001 (cth) S 511 Directions' 'distribution of Application Money' 'statutory Trust Under S 1017 E of the Corporations Act 2001 (cth)' "liquidators' Costs and Expenses From Trust Fund"]
['corporations' 'winding Up' 'trusts'] ['corporations Act 2001 (cth) S 511 Directions' 'distribution of Application Money' 'statutory Trust Under S 1017 E of the Corporations Act 2001 (cth)' "liquidators' Costs and Expenses From Trust Fund"]

Case Brief

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Procedural Posture

Application for Advice, Opinion and Direction as to Distribution of Funds Held by Liquidators in Winding Up / Originating Process Filed on 3 April 2012; Principal Judgment

Legal Issues

  1. 1 ['Whether the Court should give directions under s 511 of the Corporations Act 2001 (Cth) concerning distribution of funds held in the Application Account.' 'Whether application monies received from relevant applicants for units in the Astarra Strategic Fund were held on trust for those applicants where units were not issued within the required period.' 'Whether the liquidators were entitled to recover costs and expenses from the Fund for identifying and communicating with persons who might have a beneficial interest in the Fund and for the proceedings.']

Ratio Decidendi

Because the relevant applicants paid application monies by no later than 15 October 2009 and units in the Astarra Strategic Fund were not issued to them within one month or at all, s 1017E of the Corporations Act 2001 (Cth) gave rise to a statutory trust requiring the monies held in the Application Account, plus accrued interest, to be returned to those applicants, subject to the liquidators' proper costs and expenses of realising and preserving the Fund.

Court Disposition

Liquidators to bring in Short Minutes of Order to give effect to the judgment within seven days.

Orders

  • ['The liquidators are directed to bring in Short Minutes of Order to give effect to the judgment within seven days.']