Alfred Grant Pty. Ltd. and Other Companies (Distribution of Trust Moneys) Act 1979 (Qld)

780 (tt.eeitslattbr ANNO VICESIMO OCTAVO ELIZABETHAE SECUNDAE REGINAE No. 73 of 1979 An Act relating to the distribution of certain trust moneys held by or that may come into the hands of Alfred Grant Pty. Ltd., Tweed Valley Pastoral Company Pty. Ltd., Victoria River Pastoral Company Pty. Ltd., Grantland Consolidated Pty. Ltd., Dawson Valley Pastoral Company Pty. Ltd ., Dumaresque Pastoral Company Pty. Ltd., Fig Tree Pocket Developments Pty. Ltd. and Alfred Grant Pastoral Properties Pty. Ltd.; to enable the receivers and liquidators of those companies to distribute such moneys in accordance with a scheme of distribution; and for connected purposes ASSENTED TO 21ST DECEMBER, 1979] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:--- 1. Short title . This Act may be cited as the Alfred Grant Pty. Ltd. and Other Companies (Distribution of Trust Moneys) Act 1979.

Alfred Grant Pty. Ltd., & c. (Dis . of Trust Moneys ) Act 1979, No. 73 781 2. Interpretation . In this Act, unless the contrary intention appears- 04 the companies " means Alfred Grant Pty. Ltd., Tweed Valley Pastoral Company Pty. Ltd., Victoria, River Pastoral Company Pty. Ltd., Grantland Consolidated Pty. Ltd., Dawson Valley Pastoral Company Pty. Ltd., Dumaresque Pastoral Company Pty. Ltd., Fig Tree Pocket Developments Pty. Ltd. and Alfred Grant Pastoral Properties Pty. Ltd.; '4 receivers and liquidators " means the persons appointed as receivers of Tweed Valley Pastoral Company Pty. Ltd., Victoria River Pastoral Company Pty. Ltd., Grantland Consolidated Pty. Ltd., Dawson Valley Pastoral Company Pty. Ltd., Dumaresque Pastoral Company Pty. Ltd. and Fig Tree Pocket Developments Pty. Ltd., the persons appointed as receivers of Alfred Grant Pty. Ltd. under Division 3 of Part VI of the Auctioneers and Agents Act1971-1978 and the persons appointed as liquidators of Alfred Grant Pastoral Properties Pty. Ltd. ; K the scheme " means the scheme the terms of which are set out in the Schedule; '4 trust moneys " means moneys that on the commencement of this Act or thereafter are held in trust by the companies in connexion with or arising out of sales or proposed sales by Tweed Valley Pastoral Company Pty. Ltd., Victoria River Pastoral Company Pty. Ltd., Grantland Consolidated Pty. Ltd., Dawson Valley Pastoral Company Pty. Ltd., Dumaresque Pastoral Company Pty. Ltd. and Fig Tree Pocket Developments Pty. Ltd. to purchasers or intending purchasers of land situated in the State: The term includes interest paid or payable on such moneys. 3. Distribution of trust moneys. (1) The receivers and liquidators may distribute trust moneys in accordance with the provisions of the scheme. (2) The provisions of the scheme shall be deemed to govern the duties and responsibilities of the receivers and liquidators, and, to the extent of any inconsistency between its provisions and the provisions of the Companies Act 1961-1978 or any other Act or law or any instrument, the provisions of the scheme shall prevail. 4. No liability for penalty where receivers and liquidators comply with scheme . No action for a penalty shall lie or be brought against any of the receivers and liquidators or an employee or agent of any of the receivers and liquidators on account of- (a) his distributing trust moneys in accordance with the scheme if, in connexion with his -so doing, he complies in all respects with the provisions of the scheme; (b) his contravening or failing to comply with any provision of the Companies Act 1961-1978 or any other Act or law by reason of his distributing trust moneys and complying with the provisions of the scheme as referred to in paragraph (a); (c) his breaching any other duty to which he is subject in respect of the receivership or winding up, as the case requires, by reason of his distributing trust moneys and complying with the provisions of the scheme as referred to in paragraph (a).

782 Alfred Grant Pty. Ltd., &c. (Dis. of Trust Moneys) Act 1979, No. 73 5. No action or judgment , etc., where scheme complied with. Where the receivers and liquidators distribute trust moneys in accordance with the scheme and otherwise comply with the scheme in all respects, no action, proceeding, claim or demand shall be brought or made against any of them or any of their employees or agents in respect of the receivership or winding up, as the case requires, by any person who claims to have an entitlement that has been wrongly denied or has not been satisfied according to law; and, in relation thereto, no judgment shall be enforceable irrespective of where such judgment is obtained and notwithstanding any other Act or law. SCHEDULE THE SCHEME 1. The receivers and liquidators, having regard to their knowledge of the location of potential claimants of trust moneys, shall- (a) in respect of potential claimants within the Commonwealth, advertise at least once in a newspaper having a circulation throughout the Commonwealth or advertise at least once in a newspaper published in each State or Territory wherein the receivers and liquidators consider potential claimants may be located and having a circulation throughout the State or Territory in question; (b) in respect of potential claimants outside the Commonwealth, advertise at least once in a newspaper published in each country wherein the receivers and liquidators consider potential claimants may be located and having a circulation throughout the country in question. 2. The advertisement shall- (a) state the existence of trust moneys; (b) invite claims from persons considering themselves to have an entitlement thereto; (c) require a claimant to forward to the receivers and liquidators with his claim any receipts, correspondence, documents and other writings and information in his possession in substantiation of his claim; (d) stipulate a date not later than which a claim and substantiating material shall be in the hands of the receivers and liquidators; (e) stipulate a place or address to where the claim and substantiating material is to be sent or delivered; (f) contain any other information that, in the opinion of the receivers and liquidators, is helpful to a potential claimant. 3. In addition to advertising, the receivers and liquidators, as near in time as is practicable to the time when advertisements are inserted, shall forward letters to persons then known to them to be potential claimants, addressed to them at the addresses last known to the receivers and liquidators, advising them of their rights to make claims and of information and requirements associated with the making of a claim such as is contained or to be contained in an advertisement as aforesaid. 4. The date not later than which a claim and substantiating material shall be in the hands of the receivers and liquidators shall be a date not earlier than six months after the date when the last advertisement is inserted or the last letter is forwarded, as the case may be.

Alfred Grant Pty. Ltd., &c. (Dis. of Trust Moneys) Act 1979, No. 73 783 5. Claims not in the hands of the receivers and liquidators by the date stipulated as the date not later than which claims shall he in their hands shall be disregarded by them and shall not be valid claims for the purposes of the scheme. 6. (1) All claims received by the receivers and liquidators not later than the stipulated date therefor shall be considered by them and a determination made in good faith in respect of each claim having regard to- (a) substantiating material referred to in clause 2 (c) forwarded with the claim; (b) records, writings and other information already in the hands of the receivers and liquidators; and (c) such other material and information available to the receivers and liquidators as they consider relevant. (2) The material, records, writings and information referred to in subclause (1) are hereafter in the scheme referred to as " the available evidence ". 7. Where the receivers and liquidators are satisfied on the available evidence that particular moneys forming part of the trust moneys are traceable as amounts of money owing or refundable to particular claimants, they shall make a distribution of those amounts to those claimants. 8. Subject to clause 7 and without derogating from clause 6, the receivers and liquidators shall- (a) determine those claims they consider on the available evidence to be proved to their satisfaction and the amounts thereof; (b) determine in each such case the percentage that the amount determined with respect to the claimant is of the total of all amounts so determined; and (c) distribute to the claimant that percentage of the trust moneys: Provided that the receivers and liquidators shall not make a distribution based on a determination in favour of a claimant unless they are satisfied that the claim relates to a transaction on account of which moneys have been received in the State and at the time of the determination form part of the trust moneys. 9. Where the receivers and liquidators determine that the claim of a claimant is proved, in whole or in part, by the available evidence and the amount of the claim, they shall thereupon certify in writing the amount of the claim determined. 10. The money value of a claim determined by the receivers and liquidators to be proved shall be determined in Australian dollars and in the case of payment to a claimant outside the Commonwealth shall be based on the relevant exchange rates applicable as at the date of certification by the receivers and liquidators pursuant to clause 9. 11. If the receivers and liquidators have reasonable cause to believe that any person, whether within or outside the State, has in his possession or under his control any moneys on behalf of, as agent for or in any way associated with the activities of the companies or any of them that if paid to the receivers and liquidators or any of them would be trust moneys, they shall take such action as is available to them to cause the moneys to be paid to them; and moneys so paid shall be trust moneys and shall be available for distribution in accordance with the scheme.

784 Alfred Grant Pty. Ltd,, &c. (Dis. of Trust Moneys) Act 1979, No. 73 12. In the assessment of trust moneys that are available to the receivers and liquidators for distribution by them in accordance with the scheme, the costs of the receivers and liquidators and their employees and agents in distributing trust moneys and otherwise complying with the provisions of the scheme shall constitute a charge on interest earned by the trust moneys; but only such costs as are_ certified by the Commissioner for Corporate Affairs as reasonable shall be taken into consideration in relation thereto. 13. Any moneys coming into the hands of the receivers and liquidators as trust moneys subsequent to any determination with respect to trust moneys or any distribution of trust moneys, as the case may be, in accordance with the scheme shall also be distributed in accordance with the provisions of the scheme. For the purpose of any such further distribution of trust moneys, the claim of any claimant who has not previously shared in a distribution having regard to the proviso to clause 8 shall be reconsidered' by the receivers and liquidators for the purpose of determining eligibility to participate in the further distribution, and in relation thereto the reference in the said proviso to the time of the determination shall be taken to be a reference to the time of the reconsideration by the receivers and liquidators. 14. The receivers and liquidators shall treat the trust moneys from time to time in their hands as one amalgamated body of trust moneys for the purposes of the distribution thereof in accordance with the scheme.