Where a corporate trustee in liquidation has been rendered a bare trustee by an ipso facto clause, the court will appoint the liquidator as receiver and manager of trust assets under s 37 of the Supreme Court Act 1986 (Vic); where no ipso facto clause exists, the court will make declarations confirming the liquidator's powers under ss 90-15 and 90-20 of Schedule 2 to the Corporations Act 2001 (Cth) and r 54.02.
The full text is available to signed-in members, including the 4 later cases that cite this judgment.
3 of the 4 citing cases carry a classified treatment. How each court treated it is available to signed-in members.