CORPORATIONS — liquidation — liquidator's applications — financial services licensee required to maintain trust account — trust account deficient — whether liquidator is entitled to be paid on an indemnity basis from the trust account for reasonable remuneration and expenses — whether money paid into the account by the company should be dealt with as an asset of the company and be paid to the liquidator — trust account allowed to go into debit — creditors entitled to participate in distribution of the account — whether money should be distributed pari passu to eligible creditors — Whether distribution to be in accordance with claimants' ability to trace — Corporations Act 2001 (Cth), ss 479, 511, 764A, 766A, 766C, 981A-981H — Corporations Regulations 2001 (Cth), regs 7.8.01-7.8.03 — Trustee Act 1925 (NSW), s 63 — Insurance (Agents and Brokers) Act 1984 (Cth), s 28
Case Details
Citation[2014] NSWSC 475
CourtNSWSC
JurisdictionNew South Wales
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