13 Jul 2010
BAY FOUNDATION A CHARITABLE TRUST INCORPORATED UNDER THE PROVISIONS OF THE CHARITABLE TRUSTS ACT 1957 HC WHA CIV-2010-488-78
- Citation
- openlaw-ac1ce1eb_d5b4_430e_8584_8d637389f139.pdf
- Court
- High Court
Because the Foundation had ceased operations following revocation of its gaming licence, trustees properly resolved to wind up, surplus funds exist, the Department and Attorney-General do not oppose, and the court accepts that the parties' agreed distribution meets the Foundation's obligations, it is just and equitable under s25 to place the Foundation in liquidation and appoint liquidators and to direct equal distribution of surplus funds to the three named charities; disputed creditor claims do not bar the orders and, if genuine, would themselves support winding up for insolvency reasons.