Pirina, in the matter of Ceylan Irmak Pty Ltd (in liq) [2024] FCA 1280

Pirina, in the matter of Ceylan Irmak Pty Ltd (in liq) [2024] FCA 1280

The Property was purchased and held by the Company as trustee of the Trust. Upon liquidation the Company ceased to be trustee and became a bare trustee. The Court is satisfied on the evidence that it is proper for the liquidator to treat the Property and rental funds as trust assets, and to appoint him as receiver and manager to preserve, realise and administer the Trust assets for creditor benefit.

Parties
Plaintiff: Vincent Pirina; Company: Ceylan Irmak Pty Ltd (in liq); Creditor: BC Invest Loans Pty Ltd; Sole Director and Shareholder; Sole Beneficiary: Ms Ceylan Irmak
Jurisdiction
Australia
Judgment Date
30 October 2024
Procedural Posture
Corporations Law Insolvency / Application for Directions and Orders in Liquidation
Outcome
Application granted. Orders made as sought with minor amendment.
Legal Topics
Liquidator's Powers, Trust Property, Receiver and Manager Appointment
Bankruptcy and Insolvency Corporations Law Equity and Trusts Liquidator's Powers Trust Property Receiver and Manager Appointment

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 3 Authorities cited 6 Party arguments 2 Amounts and remedies 7
Sign in to unlock

Parties

Vincent Pirina

Plaintiff

Ceylan Irmak Pty Ltd (in liq)

Company

BC Invest Loans Pty Ltd

Creditor

Ms Ceylan Irmak

Sole Director and Shareholder; Sole Beneficiary

Procedural Posture

Corporations Law Insolvency / Application for Directions and Orders in Liquidation

Legal Issues

  1. 1 Whether the liquidator is justified in treating property and funds as assets of the trust
  2. 2 Whether to appoint liquidator as receiver and manager of the trust property

Ratio Decidendi

The Property was purchased and held by the Company as trustee of the Trust. Upon liquidation the Company ceased to be trustee and became a bare trustee. The Court is satisfied on the evidence that it is proper for the liquidator to treat the Property and rental funds as trust assets, and to appoint him as receiver and manager to preserve, realise and administer the Trust assets for creditor benefit.

Court Disposition

Application granted. Orders made as sought with minor amendment.

Orders

  • Plaintiff justified in treating the Property and funds from renting as assets of the Trust.
  • Plaintiff appointed as receiver and manager of the Property and undertaking of the Trust.