Where a liquidator brings proceedings for directions concerning the distribution of client segregated accounts held on statutory trust, the proceedings are properly characterised as trust proceedings and costs are payable from the trust fund, not from the company's beneficial assets. The statutory character of the trust under Pt 7.8 Div 2 Subdiv A of the Corporations Act does not displace ordinary trust costs principles. Where multiple trust funds exist, costs may be apportioned pro rata to the value of estimated client claims. Liquidators' remuneration and expenses in recovering and preserving trust assets are payable from the relevant trust fund under the equitable lien principle.
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