Coumanios v Giunti [2017] FCA 678

Coumanios v Giunti [2017] FCA 678

The applicants had no beneficial or financial interest in the Greek properties or in the proceeds of their sale because their interests and the right to protect or realise the properties vested in the trustee upon bankruptcy. The conversion of the Lesbos properties into money did not change the character of the trustee's beneficial ownership or make the proceeds after-acquired property of the applicants after discharge. The applicants also failed to establish any equitable charge or entitlement to costs from the fund because they had not created or preserved the fund for the bankrupt estates and had failed to disclose the properties. Accordingly, the application was dismissed and the sale...

Jurisdiction
Australia
Judgment Date
16 June 2017
Procedural Posture
Bankruptcy Proceeding Concerning Former Bankrupts' Claims to Proceeds of Sale of Greek Properties and Injunctive Relief Against Creditor Enforcement / Final Judgment on Application and Interlocutory Applications
Outcome
Application dismissed; interlocutory injunction vacated; sales proceeds paid into Court ordered to be paid to the trustee; costs reserved.
Legal Topics
['vesting of Bankrupt Property in Trustee' 'standing of Former Bankrupts' 'foreign Immovable Property' 'unauthorised Creditor Enforcement' 'money Had and Received' 'equitable Charge for Preservation Costs' 'payment of Funds Out of Court']
['bankruptcy' 'insolvency' 'equity' 'restitution' 'private International Law'] ['vesting of Bankrupt Property in Trustee' 'standing of Former Bankrupts' 'foreign Immovable Property' 'unauthorised Creditor Enforcement' 'money Had and Received' 'equitable Charge for Preservation Costs' 'payment of Funds Out of Court']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Bankruptcy Proceeding Concerning Former Bankrupts' Claims to Proceeds of Sale of Greek Properties and Injunctive Relief Against Creditor Enforcement / Final Judgment on Application and Interlocutory Applications

Legal Issues

  1. 1 ['Whether the applicants, as former bankrupts, had standing to seek relief to protect or preserve Greek properties that had vested in the trustee in bankruptcy.' 'Whether monies realised from the unauthorised sale of four Lesbos properties belonged in justice and equity to the applicants as after-acquired property following discharge from bankruptcy.' 'Whether the applicants were entitled to costs or an equitable charge over the sale proceeds on the basis that they preserved or created the fund.' 'Whether the sales proceeds paid into Court should be paid to the trustee pursuant to r 2.43 of the Federal Court Rules 2011 (Cth).']

Ratio Decidendi

The applicants had no beneficial or financial interest in the Greek properties or in the proceeds of their sale because their interests and the right to protect or realise the properties vested in the trustee upon bankruptcy. The conversion of the Lesbos properties into money did not change the character of the trustee's beneficial ownership or make the proceeds after-acquired property of the applicants after discharge. The applicants also failed to establish any equitable charge or entitlement to costs from the fund because they had not created or preserved the fund for the bankrupt estates and had failed to disclose the properties. Accordingly, the application was dismissed and the sale...

Court Disposition

Application dismissed; interlocutory injunction vacated; sales proceeds paid into Court ordered to be paid to the trustee; costs reserved.

Orders

  • ['The interlocutory injunction made on 12 January 2015 is vacated.' 'The application is dismissed.' 'Pursuant to rule 2.43 of the Federal Court Rules 2011 (Cth), the Court is to pay to the Second Respondent all of the sales proceeds paid into Court by the First Respondent pursuant to the orders made on 17 June...