Liquidating a trustee company australian teen dating

The appointor of the discretionary trusts had the power to appoint a new trustee and had done so after the company was wound up.The liquidator of Neat Holdings sought the Court’s approval to sell the assets of the trusts and deal with the surplus proceeds from the sale of the real property to distribute them to creditors (naturally, after the liquidator’s own costs had been paid).

The following principles emerge from the decision: 1.Through the discretionary trusts it conducted two businesses.The company was also the registered proprietor of a property, which the mortgagee had sold up and retained the surplus proceeds.However, to receive this favorable tax treatment, a trust must qualify as a liquidating trust.Without the benefit of insurance, a challenge to a trust’s status could lead to the diminution in value of the trust assets, or worse, if the challenge is made after funds have been distributed, there may not be sufficient trust assets to defend such challenge, or pay any tax, interest or penalties, and the practical recovery of funds from beneficiaries may be difficult.

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