The Hardoon v Belilios principle of beneficiary indemnity does not extend to persons who own or control a corporate beneficiary; the principle is confined to persons who occupy the position of beneficiaries and are sui juris. Leave to proceed under s 444E will be refused where it is uncertain whether any surplus will be available for unsecured creditors, as the court will not give its imprimatur to potentially fruitless proceedings. However, refusal does not preclude a further application if circumstances change.
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