Trpcevski (Trustee), in the matter of Moran (a bankrupt) [2023] FCA 355

Trpcevski (Trustee), in the matter of Moran (a bankrupt) [2023] FCA 355

It is in the best interests of the bankruptcy, and in particular the creditors, to appoint a new trustee, as the current trustees are unfunded and unable to conduct further investigations, while a real prospect exists that the incoming trustee may obtain funding from the main creditor to pursue further investigations.

Parties
Applicants (joint and Several Trustees): Jimmy Trpcevski and David Ashley Norman Hurt; Interested Person (bankrupt): Russell Harold Moran; Proposed Trustee: Max Christopher Donnelly; Creditor: Argonaut Equity Partners
Jurisdiction
Australia
Judgment Date
19 April 2023
Procedural Posture
Bankruptcy Application / Application to Cease Being Trustees and Replace Trustees
Outcome
Application granted
Legal Topics
Replacement of Trustee, Funding of Investigations in Bankruptcy, Interests of Creditors, Trustees' Obligations
Bankruptcy and Insolvency Replacement of Trustee Funding of Investigations in Bankruptcy Interests of Creditors Trustees' Obligations

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Parties

Jimmy Trpcevski and David Ashley Norman Hurt

Applicants (joint and Several Trustees)

Russell Harold Moran

Interested Person (bankrupt)

Max Christopher Donnelly

Proposed Trustee

Argonaut Equity Partners

Creditor

Procedural Posture

Bankruptcy Application / Application to Cease Being Trustees and Replace Trustees

Legal Issues

  1. 1 Whether current trustees should cease to be trustees of the bankrupt estate and be replaced by a new trustee under s 90-15 of the Insolvency Practice Schedule (Bankruptcy)

Ratio Decidendi

It is in the best interests of the bankruptcy, and in particular the creditors, to appoint a new trustee, as the current trustees are unfunded and unable to conduct further investigations, while a real prospect exists that the incoming trustee may obtain funding from the main creditor to pursue further investigations.

Court Disposition

Application granted

Orders

  • The applicants cease to be trustees of the bankrupt estate of Russell Harold Moran.
  • Max Christopher Donnelly is appointed as trustee of the bankrupt estate.