Australian Securities and Investments Commission v Oceanic Asset Management Pty Ltd, in the matter of Oceanic Asset Management Pty Ltd [2019] FCA 1297

Australian Securities and Investments Commission v Oceanic Asset Management Pty Ltd, in the matter of Oceanic Asset Management Pty Ltd [2019] FCA 1297

Because the ATO had questioned whether the Trustee had power to adjudicate proofs of debt and the Trustee had rejected one proof of debt, it was in the best interests of creditors of the Deceased Estates to clarify expressly the Trustee's powers to call for and adjudicate on proofs of debt and to provide a mechanism for appeal. The proposed orders should therefore be made.

Jurisdiction
Australia
Judgment Date
16 August 2019
Procedural Posture
Application for Further Orders in Corporations and Corporate Insolvency Proceedings Concerning Administration of Deceased Estates / Determined on the Papers Following Liberty to Apply Under Orders Made on 6 March 2019
Outcome
Application granted; further orders made.
Legal Topics
['trustee Powers' 'administration of Deceased Estates' 'proofs of Debt' 'distribution of Dividends' 'appeal Mechanism for Proof of Debt Decisions']
['commercial and Corporations' 'corporations and Corporate Insolvency' 'bankruptcy'] ['trustee Powers' 'administration of Deceased Estates' 'proofs of Debt' 'distribution of Dividends' 'appeal Mechanism for Proof of Debt Decisions']

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Procedural Posture

Application for Further Orders in Corporations and Corporate Insolvency Proceedings Concerning Administration of Deceased Estates / Determined on the Papers Following Liberty to Apply Under Orders Made on 6 March 2019

Legal Issues

  1. 1 ['Whether the Trustee should be given express power to administer the Deceased Estates under specified provisions of Part VI of the Bankruptcy Act 1966 (Cth).' 'Whether the Trustee should have express powers to call for and adjudicate on proofs of debt and provide creditors with a mechanism to appeal decisions on proofs of debt.']

Ratio Decidendi

Because the ATO had questioned whether the Trustee had power to adjudicate proofs of debt and the Trustee had rejected one proof of debt, it was in the best interests of creditors of the Deceased Estates to clarify expressly the Trustee's powers to call for and adjudicate on proofs of debt and to provide a mechanism for appeal. The proposed orders should therefore be made.

Court Disposition

Application granted; further orders made.

Orders

  • ['Kimberley Stuart Wallman as trustee of the deceased estates of David Jones and Jeanette Jones specified in the orders made in these proceedings by Justice Barker on 24 August 2015 and 12 November 2015 has, in addition to the powers provided for in order 6 of the orders made in these proceedings on 6 March 2019,...