Australian Motor Finance Limited (Receivers and Managers appointed) v Angeleri (No 4) [2011] FCA 285

Australian Motor Finance Limited (Receivers and Managers appointed) v Angeleri (No 4) [2011] FCA 285

It was appropriate to make the sale proceeds of the Dungog property held in Court available to Mrs O'Brien because the Family Trust beneficiaries consented on condition that none of the money benefit Michael O'Brien, ASIC advised that the money had not vested in ASIC and would abide the Court's decision, Mr O'Brien did not oppose the application, there was no reason to consider the money part of Mr O'Brien's bankrupt estate, and Mrs O'Brien established severe financial hardship.

Jurisdiction
Australia
Judgment Date
28 March 2011
Procedural Posture
Federal Court Proceeding Concerning Freezing Orders Over Assets of Defendants Associated With Plaintiff Companies in Receivership / Application by Mrs Lyn O'brien for Variation of the Freezing Order and Payment Out of Money Held in Court
Outcome
Application granted; freezing order varied to permit payment out to Mrs Lyn Maree O'Brien.
Legal Topics
['freezing Orders' 'variation of Freezing Order' 'payment Out of Court' 'deregistration of Company' 'vesting of Property in Asic' 'bankrupt Estate' 'family Trust Property' 'mortgagee Sale Proceeds']
['civil Procedure' 'corporations' 'bankruptcy' 'trusts' 'property'] ['freezing Orders' 'variation of Freezing Order' 'payment Out of Court' 'deregistration of Company' 'vesting of Property in Asic' 'bankrupt Estate' 'family Trust Property' 'mortgagee Sale Proceeds']

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Procedural Posture

Federal Court Proceeding Concerning Freezing Orders Over Assets of Defendants Associated With Plaintiff Companies in Receivership / Application by Mrs Lyn O'brien for Variation of the Freezing Order and Payment Out of Money Held in Court

Legal Issues

  1. 1 ["Whether the freezing order should be varied to permit the proceeds of sale of the Dungog property held in Court, plus accrued interest, to be paid to Mrs Lyn Maree O'Brien." 'Whether the money held in Court had vested in ASIC on deregistration of Moneypac Securities Pty Limited.' "Whether the money held in Court formed part of Mr Michael O'Brien's bankrupt estate."]

Ratio Decidendi

It was appropriate to make the sale proceeds of the Dungog property held in Court available to Mrs O'Brien because the Family Trust beneficiaries consented on condition that none of the money benefit Michael O'Brien, ASIC advised that the money had not vested in ASIC and would abide the Court's decision, Mr O'Brien did not oppose the application, there was no reason to consider the money part of Mr O'Brien's bankrupt estate, and Mrs O'Brien established severe financial hardship.

Court Disposition

Application granted; freezing order varied to permit payment out to Mrs Lyn Maree O'Brien.

Orders

  • ["The sum of $52,626.54, paid into Court pursuant to the order made herein on 2 July 2010, plus interest accrued be paid forthwith to Mrs Lyn Maree O'Brien."]