Where a claimant seeks leave to proceed against a company in liquidation under s 500(2) of the Corporations Act 2001 (Cth) and claims unconditional relief, the claimant must plead material facts supporting any negation of the company's potential beneficial interest or right of indemnity that is essential to the claimed relief; bare assertions of such negations without factual foundation will not establish a serious question to be tried. The proprietary nature of a claim does not displace the requirement to demonstrate a serious question to be tried. A retiring trustee may retain trust property as security for its right of reimbursement against both beneficiaries and a new trustee.
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