Gleeson (Liquidator); In the Matter of Kingston Property Holdings Pty Limited (In Liq) [2016] FCA 1093

Gleeson (Liquidator); In the Matter of Kingston Property Holdings Pty Limited (In Liq) [2016] FCA 1093

Due to inability to locate the director/trustee, non-compliance with statutory and taxation obligations, and confirmed existence of trust assets, the Court appointed the liquidator as receiver and manager of the superannuation fund assets to ensure proper realisation, discharge of liabilities, and compliance with statutory duties, applying established principles from relevant case law.

Parties
First Plaintiff: Bruce Gleeson in his capacity as Official Liquidator of Kingston Property Holdings Pty Limited (ACN 076 102 611); Second Plaintiff: Kingston Property Holdings Pty Limited (ACN 076 102 611) (In Liquidation)
Jurisdiction
Australia
Judgment Date
31 August 2016
Procedural Posture
Corporate Insolvency Proceeding / Interlocutory Application for Appointment of Receiver and Manager; Orders Made on Interim Basis
Outcome
application granted; interim orders appointing receiver made
Legal Topics
Appointment of Receiver, Trustee Obligations, Company Liquidation, Superannuation Fund Management
Corporations Law Superannuation Law Appointment of Receiver Trustee Obligations Company Liquidation Superannuation Fund Management

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Parties

Bruce Gleeson in his capacity as Official Liquidator of Kingston Property Holdings Pty Limited (ACN 076 102 611)

First Plaintiff

Kingston Property Holdings Pty Limited (ACN 076 102 611) (In Liquidation)

Second Plaintiff

Procedural Posture

Corporate Insolvency Proceeding / Interlocutory Application for Appointment of Receiver and Manager; Orders Made on Interim Basis

Legal Issues

  1. 1 whether the official liquidator should be appointed as receiver and manager of the assets of the Accserv Superannuation Fund
  2. 2 consequence of sole director, secretary and shareholder's disappearance
  3. 3 status of the trustee company in liquidation and ability to deal with trust property

Ratio Decidendi

Due to inability to locate the director/trustee, non-compliance with statutory and taxation obligations, and confirmed existence of trust assets, the Court appointed the liquidator as receiver and manager of the superannuation fund assets to ensure proper realisation, discharge of liabilities, and compliance with statutory duties, applying established principles from relevant case law.

Court Disposition

application granted; interim orders appointing receiver made

Orders

  • First plaintiff appointed as receiver and manager of Accserv Super Fund assets without security.
  • Need to file guarantee under rr 14.21 and 14.22 FCR dispensed with.