In the matter of Procent Pty Ltd (receivers and managers appointed to property held as trustee of the Captain Cook Drive Trust)

[2025] NSWSC 1459

Supreme Court of NSW

Built by Barristers,
For Australian Law.

1. Corporations
1. application for rectification of records maintained by ASIC
1. where appointment of receivers to property held by company on trust
1. whether the court has power to and should order rectification of registers maintained by ASIC

Section 1322(4)(b) of the Corporations Act does not authorise rectification of ASIC registers to remove information that is true and not misleading, even where that information causes significant commercial prejudice to the company concerned.
For the purposes of the notification obligation under s 427 of the Corporations Act, property of which a company is the registered proprietor constitutes 'property of a corporation' even where the company holds that property as trustee of a trust; the appointor and receiver are required to lodge Forms 504 and 505 in respect of such appointments.
An ASIC register entry is not misleading merely because some users may not access the underlying lodged forms (Forms 504 and 505) to which the register draws attention and which disclose the limited scope of a receiver's appointment to specific trust property.