24 Jan 2012
REA AND SARGISON V RUSSELL HC AK CIV-2011-404-829
- Citation
- openlaw-3cae5e0e_d2cb_4973_9d26_57cba2c1211f.pdf
- Court
- High Court
Payments by Five Star Finance Ltd into the trust's bank account were restoration of trust property misapplied by the trustee's agent and thus were not ordinary debtor-creditor repayments within s292; accordingly they did not constitute insolvent transactions voidable under the current s292 and the liquidators' s294 application must be dismissed. The trustee had not authorized transfers and agent Kirk's actions were not attributable to the trustee for s292 purposes.