Where a company in liquidation holds trust property and has insufficient free assets, the liquidator may obtain a direction under s 479(3) of the Corporations Act 2001 to deduct remuneration, costs, charges and expenses from trust moneys, but remuneration must first be determined under s 473. The whole of the liquidator's costs (including general winding-up expenses) may be charged to trust assets where trust creditors have personal claims against the company as well as proprietary claims to trust property. The liquidator must first exhaust the company's own assets before resorting to trust property.
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