Official Trustee in Bankruptcy v Lendlease Primelife Pty Ltd [2011] FCA 145

Official Trustee in Bankruptcy v Lendlease Primelife Pty Ltd [2011] FCA 145

The relevant choses-in-action remained vested in the Official Trustee and were available for assignment because Antonio Bufalo's revesting time had validly been extended to 5 January 2014 under s 129AA and the other Bufalo respondents had not yet reached their revesting times. The deed would return most of the funds...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
23 February 2011
Procedural Posture
Application for Directions Under S 134(4) of the Bankruptcy Act 1966 (cth) Concerning Assignment of Bankrupt Estate Assets / Final Orders After Hearing
Outcome
Application granted; the applicant was directed to be justified in accepting the offer to assign the relevant assets, and costs were ordered in favour of the first and second respondents against the third, fourth and fifth respondents.
Legal Topics
['trustee Directions' 'assignment of Choses in Action' 'revesting of Bankrupt Property' 'costs']
['bankruptcy' 'insolvency' 'civil Procedure'] ['trustee Directions' 'assignment of Choses in Action' 'revesting of Bankrupt Property' 'costs']

Source-derived case record

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Procedural Posture

Application for Directions Under S 134(4) of the Bankruptcy Act 1966 (cth) Concerning Assignment of Bankrupt Estate Assets / Final Orders After Hearing

Legal Issues

  1. 1 ["Whether the applicant was justified in accepting Lendlease Primelife Pty Ltd's offer to assign assets, including choses-in-action arising from the Supreme Court proceeding, under the deed dated 29 September 2010." 'Whether the relevant choses-in-action had re-vested in the third, fourth and fifth respondents under s 129AA of the Bankruptcy Act 1966 (Cth).' 'Whether the first and second respondents should receive their costs of the proceeding.']

Ratio Decidendi

The relevant choses-in-action remained vested in the Official Trustee and were available for assignment because Antonio Bufalo's revesting time had validly been extended to 5 January 2014 under s 129AA and the other Bufalo respondents had not yet reached their revesting times. The deed would return most of the funds owed to creditors and its approval was in the public interest, so the applicant was justified in accepting the offer to assign the assets, other than the BC shares.

Court Disposition

Application granted; the applicant was directed to be justified in accepting the offer to assign the relevant assets, and costs were ordered in favour of the first and second respondents against the third, fourth and fifth respondents.

Orders

  • ['The applicant is justified in accepting the offer to assign the Assets as defined in the deed dated 29 September 2010 (other than the BC shares) contained in Exhibit GMA5 to the affidavit of Gina May Anderson sworn on 7 December 2010 and filed in this proceeding.' 'The third, fourth and fifth respondents pay the...