Roin David Webster v Roy Leslie Pegler & Peninsula Holdings Pty Ltd [1980] FCA 130

Roin David Webster v Roy Leslie Pegler & Peninsula Holdings Pty Ltd [1980] FCA 130

The court found that the evidence established all elements required by s. 120(1) and (2) of the Bankruptcy Act 1966, rendering the settlements void against the trustee and vesting the shares held under the trusts in the trustee.

Parties
Bankrupt: Eric David Webster; Applicant, Trustee: Roy Leslie Pegler; Respondent: Peninsula Holdings Pty. Limited; Respondent: Brian Eric Cairns; Petitioning Creditor: The Commercial Banking Company of Sydney Limited; Controlling Trustee: Barry Norman Askew
Jurisdiction
Australia
Judgment Date
29 September 1980
Procedural Posture
Bankruptcy Application / Final Orders
Outcome
Declarations and ancillary orders granted as sought by the applicant.
Legal Topics
Void Settlements, Discretionary Trusts, Declaration of Trusts, Vesting of Shares
Bankruptcy Void Settlements Discretionary Trusts Declaration of Trusts Vesting of Shares

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Parties

Eric David Webster

Bankrupt

Roy Leslie Pegler

Applicant, Trustee

Peninsula Holdings Pty. Limited

Respondent

Brian Eric Cairns

Respondent

The Commercial Banking Company of Sydney Limited

Petitioning Creditor

Barry Norman Askew

Controlling Trustee

Procedural Posture

Bankruptcy Application / Final Orders

Legal Issues

  1. 1 Whether the settlements effected by deed of trust and deed of settlement on 26 November 1979 are void against the trustee in bankruptcy under s. 120 of the Bankruptcy Act 1966
  2. 2 Whether shares in Peninsula Holdings Pty. Limited held upon the said trusts are to vest in the trustee
  3. 3 Whether the bankrupt and related parties should be restrained from dealing with property acquired by Peninsula Holdings Pty. Limited

Ratio Decidendi

The court found that the evidence established all elements required by s. 120(1) and (2) of the Bankruptcy Act 1966, rendering the settlements void against the trustee and vesting the shares held under the trusts in the trustee.

Court Disposition

Declarations and ancillary orders granted as sought by the applicant.

Orders

  • It be declared that the trusts contained in the deed of trust dated 26 November 1979 (Exhibit E) are void against the trustee in bankruptcy.
  • It be declared that the trusts contained in the deed of settlement dated 26 November 1979 (Exhibit D) are void against the trustee in bankruptcy.