Newmetal Mines Limited; ex parte Laurence Brian Hunter and Peter Bernard Allen [1999] NSWSC 882

Newmetal Mines Limited; ex parte Laurence Brian Hunter and Peter Bernard Allen [1999] NSWSC 882

Given the company's insolvency, no contrary intention in the scheme, the small amounts individually involved, and the unclaimed fund residue, the trustees are entitled to pay their outstanding costs from the trust fund under s63 of the Trustee Act 1925 (NSW).

Parties
Applicant: Laurence Brian Hunter; Applicant: Peter Bernard Allen
Jurisdiction
Australia
Judgment Date
30 August 1999
Procedural Posture
Application for Judicial Advice / Judgment
Outcome
Judicial advice given: trustees authorised to pay outstanding costs from the trust fund.
Legal Topics
Scheme of Arrangement, Judicial Advice, Trustee Indemnity
Corporations Law Equity Scheme of Arrangement Judicial Advice Trustee Indemnity

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Parties

Laurence Brian Hunter

Applicant

Peter Bernard Allen

Applicant

Procedural Posture

Application for Judicial Advice / Judgment

Legal Issues

  1. 1 Whether the trustees are entitled to judicial advice permitting them to pay their outstanding costs from the trust fund under s63 of the Trustee Act 1925 (NSW)

Ratio Decidendi

Given the company's insolvency, no contrary intention in the scheme, the small amounts individually involved, and the unclaimed fund residue, the trustees are entitled to pay their outstanding costs from the trust fund under s63 of the Trustee Act 1925 (NSW).

Court Disposition

Judicial advice given: trustees authorised to pay outstanding costs from the trust fund.

Orders

  • $48,150.90 authorised to be paid from the trust fund for all outstanding costs and further costs for the present application