Catchwords:
CORPORATIONS – Winding up – Orders and directions in respect of past and future conduct of liquidations – Companies in liquidation did not carry on activities other than as trustees – Companies disqualified as trustees due to insolvency – Directions that all company assets and liabilities are trust assets and liabilities.
CORPORATIONS – Winding up – Orders and directions in respect of past and future conduct of liquidations – Liquidators exceeded powers as bare trustee in selling trust property – Whether liquidators acted honestly and reasonably and should be excused for past breach of trust – Whether to grant direction permitting liquidators as bare trustees to sell assets – Liquidators permitted to sell trust assets in future where no present likelihood of new trustee being appointed – Priority of distribution of trust assets – Whether trust assets in trustee’s liquidation to be distributed in accordance with priorities set out in s 556 of Corporations Act 2001 (Cth).
CORPORATIONS – Winding up – Liquidators’ costs and remuneration – Where all the companies’ assets were trust assets – Liquidators’ reasonable costs and remuneration may be met through trust assets .
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