Where a company that is trustee of a trust is wound up in insolvency, the appeal against the winding up order will ordinarily be stayed where the appeal would be rendered nugatory by the appointment of a liquidator who has no interest in disputing his own appointment, provided the balance of convenience favours a stay and appropriate undertakings are given. Trust beneficiaries may be joined as appellants where the trustee in liquidation can no longer sufficiently represent their interests. Notwithstanding s 14ZZM of the Taxation Administration Act 1953 (Cth), there is jurisdiction to grant a stay of a winding up order based on a tax debt that is the subject of pending AAT review proceedings, though the policy of s 14ZZM is a matter to which great weight should be attached.
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