In the matter of Parkway One Pty Limited (No 2) [2020] NSWSC 191

In the matter of Parkway One Pty Limited (No 2) [2020] NSWSC 191

Because uncertainty persisted as to whether Parkway One Pty Limited remained trustee or had been replaced, and because the liquidator needed to realise trust assets to meet liabilities incurred by the company as trustee and to conduct the winding up in an orderly fashion, it was appropriate under section 67 of the Supreme Court Act 1970 (NSW) to appoint the liquidator as receiver and manager of all assets of the Parkway One Unit Trust.

Jurisdiction
Australia
Judgment Date
02 March 2020
Procedural Posture
Equity Corporations List Application by Liquidator of Corporate Trustee for Appointment as Receiver and Manager of Trust Property / Ex Tempore Principal Judgment on Interlocutory Process Filed on 20 December 2019
Outcome
Application granted.
Legal Topics
['appointment of Liquidator as Receiver and Manager' 'corporate Trustee in Liquidation' 'trust Property' "trustee's Right of Indemnity and Lien" 'uncertainty as to Replacement Trustee' 'section 67 of the Supreme Court Act 1970 (nsw)']
['corporations' 'equity' 'trusts' 'insolvency' 'receivers and Managers'] ['appointment of Liquidator as Receiver and Manager' 'corporate Trustee in Liquidation' 'trust Property' "trustee's Right of Indemnity and Lien" 'uncertainty as to Replacement Trustee' 'section 67 of the Supreme Court Act 1970 (nsw)']

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Procedural Posture

Equity Corporations List Application by Liquidator of Corporate Trustee for Appointment as Receiver and Manager of Trust Property / Ex Tempore Principal Judgment on Interlocutory Process Filed on 20 December 2019

Legal Issues

  1. 1 ['Whether the liquidator of Parkway One Pty Limited should be appointed as receiver and manager of all property, assets and undertakings owned by the Parkway One Unit Trust.' 'Whether ambiguity and uncertainty about the office of trustee, including the purported appointment of Zapato Pty Ltd, made the appointment necessary to allow orderly winding up and dealing with trust assets.' 'Whether appointment was appropriate to enable recourse to trust assets for liabilities incurred by the company as trustee.']

Ratio Decidendi

Because uncertainty persisted as to whether Parkway One Pty Limited remained trustee or had been replaced, and because the liquidator needed to realise trust assets to meet liabilities incurred by the company as trustee and to conduct the winding up in an orderly fashion, it was appropriate under section 67 of the Supreme Court Act 1970 (NSW) to appoint the liquidator as receiver and manager of all assets of the Parkway One Unit Trust.

Court Disposition

Application granted.

Orders

  • ['The liquidator of Parkway One Pty Limited was appointed as receiver and manager to all property, assets and undertakings owned by the Parkway One Unit Trust.' 'Orders sought in Prayers 1 to 5 of the Interlocutory Process filed on 20 December 2019 were made.']