Sando Australia Pty Limited v Australian Securities and Investment Commission [2019] NSWSC 402

Sando Australia Pty Limited v Australian Securities and Investment Commission [2019] NSWSC 402

It is expedient to appoint Sando Australia Pty Ltd as trustee under s 70 of the Trustee Act 1925 (NSW), given the deregistration of the former trustee and the need to discharge mortgages; a vesting order under s 71 should be made to transfer the mortgages to the new trustee.

Jurisdiction
Australia
Judgment Date
09 April 2019
Procedural Posture
Proceeding in Equity / Final Orders / Principal Judgment
Outcome
Application for appointment of new trustee and vesting of trust property granted; other relief dismissed.
Legal Topics
['trusts and Trustees—appointment of Trustee' 'vesting Orders' 'corporate Trustee Deregistration' 'rectification of Trust Instruments']
['equity' 'corporations'] ['trusts and Trustees—appointment of Trustee' 'vesting Orders' 'corporate Trustee Deregistration' 'rectification of Trust Instruments']

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Procedural Posture

Proceeding in Equity / Final Orders / Principal Judgment

Legal Issues

  1. 1 ['Whether a new trustee should be appointed to the Grandview Trust after deregistration of former corporate trustee' 'Whether a vesting order should be made to transfer trust property, including mortgages, to the new trustee under s 71 Trustee Act 1925 (NSW)' 'Whether it is necessary to reinstate the deregistered former trustee company under the Corporations Act 2001 (Cth)']

Ratio Decidendi

It is expedient to appoint Sando Australia Pty Ltd as trustee under s 70 of the Trustee Act 1925 (NSW), given the deregistration of the former trustee and the need to discharge mortgages; a vesting order under s 71 should be made to transfer the mortgages to the new trustee.

Court Disposition

Application for appointment of new trustee and vesting of trust property granted; other relief dismissed.

Orders

  • ['Sando Australia Pty Ltd appointed as trustee of the Grandview Trust pursuant to s 70 Trustee Act 1925 (NSW).' 'Rights of the mortgagee Iago Holdings Pty Limited in respect of mortgages Y130092 and Y130094 (as varied) over land in Certificate of Title folio identifier 7/258061 vest in Sando Australia Pty Ltd as...