Break Fast Investments v Sclavenitis
Supreme Court of Victoria
Riordan J
06/06/2022
[2022] VSC 288
Insolvency — Winding up — Liquidator — Powers of liquidator — Company formerly corporate trustee — Trustee removed from office automatically on winding-up — Whether former trustee empowered to sell trust asset — Corporations Act 2001 (Cth), s 477
Trust and trustees — Bare trust — Trustee removed from office on winding-up — Powers of bare trustee — Trustee’s assignment of debt — Whether breach of trust — Whether transfer in breach of trust void and nullity — Trustee’s right of indemnity and exoneration — Whether right of indemnity assignable — Enforcement of debt owing to trust — Assignee of trustee’s right of exoneration — Whether standing to bring enforcement proceeding
Read the judgment here.