28 Dec 2006
On the balance of probabilities the husband only retained a one‑eighth beneficial interest originally and in 1997 he transferred that beneficial interest to the wife for value so by the time of the 2000 deed he had only bare legal title to transfer; therefore no disposition of beneficial interest arose under s.42 and the trustees' s.42 declaration failed.
3 Oct 2005
The trustee failed to discharge the burden of proving on a balance of probabilities that the advances were personal to Lo rather than loans to the company; the liquidator's determinations as to Jade Point and Jumbo Trade were supported by the company records and available evidence; the equitable V.G.M. principle permits accounting for the void disposition in the admitted proof without requiring physical repayment; accordingly the Court dismissed the appeal and affirmed the liquidator's adjudications.
13 May 2004
The trustee failed to discharge the burden of proving the claimed shareholder loans; ledgers and other contemporaneous evidence showed many advances were made by third parties and not by the claimants; the liquidator's adjustments, including treating the post-petition disposition as void and allowing recovery only to the extent restored, were lawful; therefore the proofs were not admissible as sought and the application is dismissed.