OLDE AND ANOR RE PROPESTATE PTY LTD (IN LIQUIDATION [2009] NSWSC 859

OLDE AND ANOR RE PROPESTATE PTY LTD (IN LIQUIDATION [2009] NSWSC 859

It is appropriate in principle and on discretionary grounds to allow liquidators remuneration from trust funds for work directly relating to trust administration of those monies, even if the whole remaining balance (for which no beneficial owner is identified) is used for this purpose; no proprietary interest is displaced and no one is disadvantaged due to lack of identifiable claimants.

Jurisdiction
Australia
Judgment Date
27 August 2009
Procedural Posture
Application in Liquidation / Judgment on Application for Remuneration of Liquidators as Trustees
Outcome
Orders made granting remuneration to liquidators as trustees from remaining trust funds, with assessment to be referred to the Registrar; liberty to apply granted.
Legal Topics
["liquidators' Remuneration" 'trust Accounts' 'remuneration From Unclaimed Trust Funds' 'companies in Liquidation']
['trusts and Trustees' 'corporations'] ["liquidators' Remuneration" 'trust Accounts' 'remuneration From Unclaimed Trust Funds' 'companies in Liquidation']

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Procedural Posture

Application in Liquidation / Judgment on Application for Remuneration of Liquidators as Trustees

Legal Issues

  1. 1 ['Whether liquidators of a company holding statutory trust accounts are entitled to remuneration for administering unclaimed trust monies from those accounts' 'Whether remuneration should be paid out of remaining trust funds for which no beneficial owner has been identified']

Ratio Decidendi

It is appropriate in principle and on discretionary grounds to allow liquidators remuneration from trust funds for work directly relating to trust administration of those monies, even if the whole remaining balance (for which no beneficial owner is identified) is used for this purpose; no proprietary interest is displaced and no one is disadvantaged due to lack of identifiable claimants.

Court Disposition

Orders made granting remuneration to liquidators as trustees from remaining trust funds, with assessment to be referred to the Registrar; liberty to apply granted.

Orders

  • ['Orders 1 to 10 inclusive in the Originating Process.' 'Liberty to apply.']