Where a company in liquidation held assets on trust and did not act solely as trustee, the liquidator's costs and expenses should prima facie be borne by non-trust assets; only where non-trust assets are insufficient may the liquidator recover from trust assets, and then only for work referable to administration of the trust assets. The court will closely scrutinise the proportionality of remuneration claimed against trust assets, particularly where the claim would practically exhaust the fund available for distribution to beneficiaries. Approval of remuneration by general unsecured creditors is of little significance where the claim is against trust moneys and the beneficiaries have not approved.
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