PP New Pty Ltd [2021] NSWSC 1426

PP New Pty Ltd [2021] NSWSC 1426

Given the absence of ongoing management of the Fund, the inability to locate the Trust Deed, uncertainty about applicable Rules, potential conflicts among persons claiming interests in the Fund, and the need to regularise the Trust and Fund, the proposed Second Course of Action and related banking, investment, confidentiality, liability, costs, remuneration and review orders were expedient and appropriate exercises of the Court's powers under the Trustee Act 1925 (NSW), Civil Procedure Act 2005 (NSW), Uniform Civil Procedure Rules 2005 (NSW), and Court Suppression and Non-publication Orders Act 2010 (NSW).

Jurisdiction
Australia
Judgment Date
02 November 2021
Procedural Posture
Equity Proceeding Concerning Trusts and Trustees / Application by Notice of Motion Dated 28 October 2021 for Directions and Relief Following Orders Made on 22 June 2021
Outcome
Application granted; the Court made the orders set out in prayers 1-10 of the short minutes of order provided by Counsel for the New Trustee.
Legal Topics
['court Supervision of Trusts' 'trustee Powers' 'breach of Trust Relief' 'trustee Remuneration and Costs' 'suppression and Non Publication Orders' 'trust Administration and Potential Winding Up']
['equity' 'trusts' 'civil Procedure'] ['court Supervision of Trusts' 'trustee Powers' 'breach of Trust Relief' 'trustee Remuneration and Costs' 'suppression and Non Publication Orders' 'trust Administration and Potential Winding Up']

Case Brief

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Procedural Posture

Equity Proceeding Concerning Trusts and Trustees / Application by Notice of Motion Dated 28 October 2021 for Directions and Relief Following Orders Made on 22 June 2021

Legal Issues

  1. 1 ['Whether the New Trustee should be authorised to undertake a further course of action to identify Interested Persons, convene a meeting, report to the Court and seek directions concerning the future of the Fund.' 'Whether the New Trustee should be authorised to open new bank accounts with St George Bank, transfer funds from Bank Australia accounts and reinvest term deposits.' 'Whether confidential exhibits containing personal information of Interested Persons should be subject to suppression and non-publication orders.' 'Whether the New Trustee should be relieved from personal liability for breach of trust in connection with reinvestment of specified term deposits.' "Whether the New Trustee's costs, expenses, future remuneration and disbursements should be paid from the Trust assets and subject to ongoing Court review."]

Ratio Decidendi

Given the absence of ongoing management of the Fund, the inability to locate the Trust Deed, uncertainty about applicable Rules, potential conflicts among persons claiming interests in the Fund, and the need to regularise the Trust and Fund, the proposed Second Course of Action and related banking, investment, confidentiality, liability, costs, remuneration and review orders were expedient and appropriate exercises of the Court's powers under the Trustee Act 1925 (NSW), Civil Procedure Act 2005 (NSW), Uniform Civil Procedure Rules 2005 (NSW), and Court Suppression and Non-publication Orders Act 2010 (NSW).

Court Disposition

Application granted; the Court made the orders set out in prayers 1-10 of the short minutes of order provided by Counsel for the New Trustee.

Orders

  • ['The New Trustee was authorised to undertake the Second Course of Action, including giving Second Notice to Interested Persons, issuing a report, convening and holding the First Meeting by video teleconference, adjourning it if required, reporting to the Court, conducting further review and liaison, identifying...