Hosking (Liquidator); In the Matter of Business Aptitude Pty Ltd (In Liq) [2017] FCA 1417

Hosking (Liquidator); In the Matter of Business Aptitude Pty Ltd (In Liq) [2017] FCA 1417

The plaintiff had realised the Trust assets, transferred the remaining proceeds to the trustee pursuant to its right of indemnity, and formed the view that there were no creditors of the Trust other than the trustee itself. The object of the receivership had therefore been achieved, and requiring formal passing of final accounts would incur additional costs outweighing any benefit. The Court was satisfied that it was appropriate to make the orders sought.

Jurisdiction
Australia
Judgment Date
29 November 2017
Procedural Posture
Commercial and Corporations; Corporations and Corporate Insolvency / Interlocutory Process Seeking Discharge and Release of a Court Appointed Receiver and Manager of the Crosby Family Trust and Dispensation From Passing Final Accounts
Outcome
Orders made as sought in the Interlocutory Process filed by the plaintiff on 19 September 2017.
Legal Topics
['discharge of Court Appointed Receiver and Manager' 'passing Final Accounts' 'trust Asset Realisation' 'trustee Right of Indemnity' 'receiver Remuneration and Costs']
['corporations' 'corporate Insolvency' 'trusts' 'receivership'] ['discharge of Court Appointed Receiver and Manager' 'passing Final Accounts' 'trust Asset Realisation' 'trustee Right of Indemnity' 'receiver Remuneration and Costs']

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Procedural Posture

Commercial and Corporations; Corporations and Corporate Insolvency / Interlocutory Process Seeking Discharge and Release of a Court Appointed Receiver and Manager of the Crosby Family Trust and Dispensation From Passing Final Accounts

Legal Issues

  1. 1 ['Whether the plaintiff should be discharged and released from acting as receiver and manager of the Crosby Family Trust.' 'Whether leave should be granted to dispense with the requirement to pass final accounts for acting as receiver and manager of the Trust.' 'Whether costs of the Interlocutory Process should be paid out of the assets of the Trust or, if insufficient, out of the assets of the Company.']

Ratio Decidendi

The plaintiff had realised the Trust assets, transferred the remaining proceeds to the trustee pursuant to its right of indemnity, and formed the view that there were no creditors of the Trust other than the trustee itself. The object of the receivership had therefore been achieved, and requiring formal passing of final accounts would incur additional costs outweighing any benefit. The Court was satisfied that it was appropriate to make the orders sought.

Court Disposition

Orders made as sought in the Interlocutory Process filed by the plaintiff on 19 September 2017.

Orders

  • ['Philip Raymond Hosking (in his capacity as liquidator of Business Aptitude Pty Ltd (ACN 003 378 658) (In Liquidation) (the Company)) (the Receiver) forthwith be discharged and released from acting as receiver and manager of the Crosby Family Trust (the Trust).' 'Leave be granted to the Receiver to dispense with...