Georges & McCluskey in their capacity as Liquidators of Radiata Plantations Ltd (In Liquidation) v Radiata Plantations Ltd (In Liquidation) [2009] NSWSC 994

Georges & McCluskey in their capacity as Liquidators of Radiata Plantations Ltd (In Liquidation) v Radiata Plantations Ltd (In Liquidation) [2009] NSWSC 994

The first plaintiffs were entitled to directions to distribute the net proceeds of sale to co-owners and licensees according to their respective interests and accepted valuation. Because the plaintiffs held the proceeds on trust for identifiable persons whose whereabouts were unknown, and should not be required to wait until the money could be dealt with under the Unclaimed Money Act 1995 (NSW), they were directed to advertise the names of such persons, hold their attributable proceeds for six months after publication, and then pay any unclaimed proceeds and interest to the Public Trustee under s 47 of the Trustee Act 1925 (NSW) or into Court under s 95 of that Act.

Jurisdiction
Australia
Judgment Date
16 September 2009
Procedural Posture
Equity Division, Corporations List Application for Directions Concerning Trustees and Liquidators / Ex Tempore Judgment on Originating Process
Outcome
Directions and orders made; order sought for advertising expenses to be borne out of missing persons' net proceeds declined; exhibit returned.
Legal Topics
['distribution of Net Proceeds of Sale by Trustees' 'co Owners and Licensees Who Cannot Be Located' 'unclaimed Money' 'payment to the Public Trustee' 'payment Into Court' 'trustee Directions']
['equity' 'trusts and Trustees' 'corporations'] ['distribution of Net Proceeds of Sale by Trustees' 'co Owners and Licensees Who Cannot Be Located' 'unclaimed Money' 'payment to the Public Trustee' 'payment Into Court' 'trustee Directions']

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Procedural Posture

Equity Division, Corporations List Application for Directions Concerning Trustees and Liquidators / Ex Tempore Judgment on Originating Process

Legal Issues

  1. 1 ["Whether the first plaintiffs should be at liberty to distribute the net proceeds of sale of lands held in co-ownership according to each co-owner's proportionate interest." 'Whether the first plaintiffs as liquidators should be at liberty to distribute the net proceeds of sale of land subject to licences according to a valuation of the trees.' 'How the first plaintiffs should deal with net proceeds attributable to co-owners and licensees whose whereabouts are unknown.' 'Whether expenses of advertising for missing co-owners and licensees should be borne out of the balance of the net proceeds held for such persons.']

Ratio Decidendi

The first plaintiffs were entitled to directions to distribute the net proceeds of sale to co-owners and licensees according to their respective interests and accepted valuation. Because the plaintiffs held the proceeds on trust for identifiable persons whose whereabouts were unknown, and should not be required to wait until the money could be dealt with under the Unclaimed Money Act 1995 (NSW), they were directed to advertise the names of such persons, hold their attributable proceeds for six months after publication, and then pay any unclaimed proceeds and interest to the Public Trustee under s 47 of the Trustee Act 1925 (NSW) or into Court under s 95 of that Act.

Court Disposition

Directions and orders made; order sought for advertising expenses to be borne out of missing persons' net proceeds declined; exhibit returned.

Orders

  • ['Make orders in accordance with paragraphs 1 and 2 of the originating process.' 'Order that the first plaintiffs advertise and publish nationally the names of the individuals whom they have identified as having an interest as co-owner or as licensee of the lands the subject of the originating process, and whose...