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.