In the Matter of ICS Real Estate Pty Ltd (in liquidation); and In the Matter of Independent Contractor Services (Aust) Pty Ltd (in liquidation)

[2014] NSWSC 479

Supreme Court of NSW

Built by Barristers,
For Australian Law.

1. CORPORATIONS - external administration - voluntary administration - liquidator's application for judicial advice - whether judicial advice should be given where it will affect substantive rights - where parties potentially affected are notified and representative order made - held, advice should be given - whether liquidator justified in treating certain property purportedly held on trust by company as beneficial property of company - whether trust arrangement a sham - held, not a sham.
1. TRUSTS AND TRUSTEES - Creation of trust - purpose to reduce taxation - where discretion had invariably been exercised to distribute income to those beneficiaries whose work had generated it - whether true intention that there be no discretion - whether true intention that relationship was employment not trust - held, not a sham