Makinna Pty Ltd (in liq) v Trives [2016] FCA 1247

Given the risk of dissipation and undefined external claims, placing the proceeds under control of an interim trustee is appropriate so that all claims may be addressed in the proper forum.

Parties: Applicant: Makinna Pty Ltd (in liquidation); Respondent: Simon Edward Trives
Jurisdiction: Australia
Judgment Date: 11 October 2016
Procedural Posture: Application for Directions Under S 50 of the Bankruptcy Act 1966 (cth) / Interlocutory Application Prior to Hearing of Creditor's Petition
Outcome: Application granted with directions and orders as sought.
Legal Topics: Protection of Debtor's Property Pending Sequestration Order

Bankruptcy and Insolvency Protection of Debtor's Property Pending Sequestration Order

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Parties

Makinna Pty Ltd (in liquidation)

Applicant

Simon Edward Trives

Respondent

Procedural Posture

Application for Directions Under S 50 of the Bankruptcy Act 1966 (cth) / Interlocutory Application Prior to Hearing of Creditor's Petition

Legal Issues

1 Whether debtor's property, namely proceeds of sale, should be placed under control of an interim trustee pending sequestration order

Ratio Decidendi

Given the risk of dissipation and undefined external claims, placing the proceeds under control of an interim trustee is appropriate so that all claims may be addressed in the proper forum.

Court Disposition

Application granted with directions and orders as sought.

Orders

Barry Anthony Taylor take control of the respondent debtor's property including proceeds of sale of land at 3 Caramar Close, Picton NSW currently held in the amount of $541,045.51.
Such control cease on the making of a sequestration order in respect to the respondent or earlier order of the Court.