Deputy Commissioner of Taxation v Vensys Australia Pty Limited (Administrators Appointed) (No 5) [2008] FCA 1795

Deputy Commissioner of Taxation v Vensys Australia Pty Limited (Administrators Appointed) (No 5) [2008] FCA 1795

The court held that the funds paid into the trust account are not available to the administrator at this stage because the relevant condition (dismissal of winding up application on solvency grounds) has not been definitively established. The funds remain subject to the trust arrangement pending outcome of winding up or approval of a deed of company arrangement.

Jurisdiction
Australia
Judgment Date
19 November 2008
Procedural Posture
Corporations/winding Up Application / Interlocutory Process, Adjournment
Outcome
Adjournment; Administrator's application for direction for payment of trust funds refused at this stage; Each party to bear its own costs today
Legal Topics
['winding Up' 'administration' 'trust Arrangement of Funds' 'deed of Company Arrangement']
['corporations Law' 'insolvency'] ['winding Up' 'administration' 'trust Arrangement of Funds' 'deed of Company Arrangement']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations/winding Up Application / Interlocutory Process, Adjournment

Legal Issues

  1. 1 ['Entitlement to funds held in trust account during winding up proceedings' 'Effect of conditions attached to payments into trust account' "Administrator's right to funds pending outcome of winding up application"]

Ratio Decidendi

The court held that the funds paid into the trust account are not available to the administrator at this stage because the relevant condition (dismissal of winding up application on solvency grounds) has not been definitively established. The funds remain subject to the trust arrangement pending outcome of winding up or approval of a deed of company arrangement.

Court Disposition

Adjournment; Administrator's application for direction for payment of trust funds refused at this stage; Each party to bear its own costs today

Orders

  • ['Hearing of the Interlocutory Process filed on 7 November 2008 adjourned to 28 November 2008 for directions' 'Each party bear its own costs of today']