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Killarnee part 2

The Full Federal Court has just handed down its decision in the much anticipated Killarnee decision on trust assets and liquidations. The Court has held (in summary): (a) the Trust Assets at the time of the winding-up of Killarnee are not assets of the Company and therefore not capable of being sold by the Liquidator, pursuant to s477…

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…