In New South Wales, 'property of the company' in Corporations Act s 477(2)(c) does not extend to the beneficial interest in trust assets, even where the company has an equitable charge over them. This creates a conflict with the Federal Court decision in Apostolou. Liquidators of corporate trustees of self-managed superannuation funds should cause the company to resign as trustee (to avoid ongoing offences under SIS Act s 126K) and seek appointment as receiver of trust assets to enforce the former trustee's right of indemnity, rather than seeking directions to sell trust assets directly. Section 479(3) cannot be used to confer powers on a liquidator that the liquidator does not otherwise have.
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