In the matter of Argyle Gravel & Concrete Pty Limited [2013] NSWSC 374

In the matter of Argyle Gravel & Concrete Pty Limited [2013] NSWSC 374

The prejudice that would be occasioned to Argyle as trustee of the superannuation fund would be grossly out of proportion to the prejudice to creditors or persons relying on the disclaimer, and s 568F enables the property to vest in the plaintiff as the entitled person.

Parties
Plaintiff: Argyle Gravel & Concrete Pty Ltd; Liquidator: John Cunningham as liquidator of Millerview Constructions Pty Limited
Jurisdiction
Australia
Judgment Date
18 March 2013
Procedural Posture
Corporations List Application / Ex Tempore Judgment
Outcome
Order that the property described in the schedule vest in the plaintiff as trustee for the Figtree Reserve Superannuation Fund
Legal Topics
Winding Up, Disclaimer of Assets, Vesting Orders, Superannuation Funds
Corporations Law Equity Winding Up Disclaimer of Assets Vesting Orders Superannuation Funds

Case Brief

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Parties

Argyle Gravel & Concrete Pty Ltd

Plaintiff

John Cunningham as liquidator of Millerview Constructions Pty Limited

Liquidator

Procedural Posture

Corporations List Application / Ex Tempore Judgment

Legal Issues

  1. 1 Whether disclaimer of assets by liquidator should be set aside
  2. 2 Whether the court should make orders vesting property in the person entitled

Ratio Decidendi

The prejudice that would be occasioned to Argyle as trustee of the superannuation fund would be grossly out of proportion to the prejudice to creditors or persons relying on the disclaimer, and s 568F enables the property to vest in the plaintiff as the entitled person.

Court Disposition

Order that the property described in the schedule vest in the plaintiff as trustee for the Figtree Reserve Superannuation Fund

Orders

  • The property described in the schedule (Lot 1 in Deposited Plan 1094055, Lot 2 in Deposited Plan 1094055, Lot 5 in Deposited Plan 1008397) vest in the plaintiff Argyle Gravel and Concrete Pty Ltd as trustee for the Figtree Reserve Superannuation Fund.
  • The order be entered forthwith.