Re Amerind Take 2

The Victorian Court of Appeal this morning handed down its much anticipated decision in the Re Amerind appeal.

In fantastic news for the Profession, the Court, in allowing the appeal, held (in summary):

1. Amerind as trustee had both a right of indemnity over trust assets and those trust assets were property of the company; and

2. the priority regime in the Corporations Act applied, meaning that employee entitlements (eg via FEG) would be afforded their rightful priority position.

… a more detailed analysis will follow once the case is uploaded to Austlii. 

Fingers-crossed the Federal Court in Killarnee follows suit.

#SVVoidables

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  1. FEG can claim Franchis(or/ee) Marketing Funds as circulating security assets – #SVVoidables by Matthew Hudson

    […] The VSC ruled in favour of FEG, and against the Liquidator, by holding that the Marketing Fund is property of AFD, “comprised in or subject to a circulating security interest” (CSI) and is available for distribution to creditors per s561 of the Corporations Act 2001 (Cth) (the CA).More information about FEG can be found at my previous articles: Proposals to address corporate misuse of FEG and Re Amerind Take 2. […]

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