Macalister, in the matter of an application by Macalister [2021] FCA 1455

Macalister, in the matter of an application by Macalister [2021] FCA 1455

Leave and relief were granted because Kircam Pty Ltd's only activity was to act as trustee of the Macalister Superannuation Fund, the applicants were the only members of the Fund, the sole shareholder supported the application, Kircam had no employees or known creditors with claims to Fund assets, there was no evidence of relevant non-compliance or dishonesty, no regulator or trustee in bankruptcy opposed the application, refusal would jeopardise compliance with the SIS Act and Corporations Act, and the applicants offered an appropriate condition restricting Kircam's activities while they remained disqualified.

Jurisdiction
Australia
Judgment Date
19 November 2021
Procedural Posture
Application by Undischarged Bankrupts for Leave to Manage a Corporation Under S 206 G(1) of the Corporations Act 2001 (cth) and for Orders Under S 126 J(1)(b) of the Superannuation Industry (supervision) Act 1993 (cth). / Final Determination of the Application; Orders Made on 19 November 2021 With Reasons Published on 22 November 2021.
Outcome
Application granted; leave given to the applicants to manage Kircam Pty Ltd subject to a condition, and each applicant declared not to be a disqualified person in relation to Kircam Pty Ltd and the Macalister Superannuation Fund.
Legal Topics
['leave for Undischarged Bankrupts to Manage a Corporation' 'disqualification From Managing Corporations' 'self Managed Superannuation Fund Trustee' 'disqualified Person Under the Superannuation Industry (supervision) Act 1993 (cth)' 'no Contradictor']
['corporations' 'corporate Insolvency' 'superannuation' 'bankruptcy'] ['leave for Undischarged Bankrupts to Manage a Corporation' 'disqualification From Managing Corporations' 'self Managed Superannuation Fund Trustee' 'disqualified Person Under the Superannuation Industry (supervision) Act 1993 (cth)' 'no Contradictor']

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Procedural Posture

Application by Undischarged Bankrupts for Leave to Manage a Corporation Under S 206 G(1) of the Corporations Act 2001 (cth) and for Orders Under S 126 J(1)(b) of the Superannuation Industry (supervision) Act 1993 (cth). / Final Determination of the Application; Orders Made on 19 November 2021 With Reasons Published on 22 November 2021.

Legal Issues

  1. 1 ['Whether the applicants, as undischarged bankrupts disqualified from managing corporations, should be granted leave under s 206G(1)(c) of the Corporations Act 2001 (Cth) to manage Kircam Pty Ltd.' 'Whether each applicant should be declared not to be a disqualified person in relation to Kircam Pty Ltd and the Macalister Superannuation Fund under s 126J(1)(b) of the Superannuation Industry (Supervision) Act 1993 (Cth).' 'Whether the proposed limitation that Kircam Pty Ltd act only as trustee of the Macalister Superannuation Fund and do incidental things adequately addressed the protective purposes of the disqualification regimes.']

Ratio Decidendi

Leave and relief were granted because Kircam Pty Ltd's only activity was to act as trustee of the Macalister Superannuation Fund, the applicants were the only members of the Fund, the sole shareholder supported the application, Kircam had no employees or known creditors with claims to Fund assets, there was no evidence of relevant non-compliance or dishonesty, no regulator or trustee in bankruptcy opposed the application, refusal would jeopardise compliance with the SIS Act and Corporations Act, and the applicants offered an appropriate condition restricting Kircam's activities while they remained disqualified.

Court Disposition

Application granted; leave given to the applicants to manage Kircam Pty Ltd subject to a condition, and each applicant declared not to be a disqualified person in relation to Kircam Pty Ltd and the Macalister Superannuation Fund.

Orders

  • ['Pursuant to s 206G(1)(c) of the Corporations Act 2001 (Cth), and subject to the condition in paragraph 2 below, Alan Ramsay Macalister and Birgitt Alice Macalister have leave to manage Kircam Pty Ltd (ACN 117 628 369).' 'Until such time as both of the applicants are no longer disqualified from managing...