Condon, in the matter of Nicolas Criniti Pty Ltd (in liquidation) [2020] FCA 1339

Condon, in the matter of Nicolas Criniti Pty Ltd (in liquidation) [2020] FCA 1339

Mr Condon, as liquidator, should be appointed receiver and manager of trust property, with ancillary relief, because the company as bare trustee cannot otherwise realise and distribute trust assets without an order or receiver appointment.

Parties
Plaintiff: Schon Gregory Condon
Jurisdiction
Australia
Judgment Date
16 September 2020
Procedural Posture
Corporations / Application for Appointment as Receiver and Manager of Trust Property
Outcome
Application granted; orders made as sought by the plaintiff.
Legal Topics
Liquidator Powers, Appointment as Receiver, Trustee Duties, Corporate Insolvency
Corporations Law Liquidator Powers Appointment as Receiver Trustee Duties Corporate Insolvency

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Parties

Schon Gregory Condon

Plaintiff

Procedural Posture

Corporations / Application for Appointment as Receiver and Manager of Trust Property

Legal Issues

  1. 1 Whether the liquidator should be appointed receiver and manager of trust property under s 57 of the Federal Court of Australia Act 1976 (Cth)
  2. 2 Whether a court order or receiver appointment is necessary for the sale of trust property held as bare trustee
  3. 3 Whether ancillary relief as sought by the plaintiff should be granted

Ratio Decidendi

Mr Condon, as liquidator, should be appointed receiver and manager of trust property, with ancillary relief, because the company as bare trustee cannot otherwise realise and distribute trust assets without an order or receiver appointment.

Court Disposition

Application granted; orders made as sought by the plaintiff.

Orders

  • The plaintiff is appointed as receiver and manager of the property owned by Nicolas Criniti Pty Ltd (in liquidation) as trustee for the Bridge Road Unit Trust without security.
  • The receiver may exercise all powers under s 420 of the Corporations Act 2001 (Cth) as if references to 'the corporation' were to 'the Trust,' including the power to realise Trust property.