Callus v KB Investments (No 2)

47. 1. Pursuant to section 48(1) of the Trustee Act 1958 (Vic), Ian Redvers Morrison (the new Trustee) is appointed as trustee of the O'Neil Family Settlement (the Trust) created by Deed dated 18 July 1985 in substitution for the first defendant, KB Investments (Vic) Pty Ltd.

2. All property, assets and liabilities of the Trust as and from these orders vest in the new Trustee.

3. The parties do all acts and things and sign all documents to give effect to Orders 1 and 2.

4. The new Trustee shall be:

a. Remunerated by the Trust at the rate of $400 per hour plus GST for his professional services reasonably rendered.

b. Empowered to retain appropriate professionals to provide necessary advice at the expense of the Trust.

5. The first defendant is not entitled to costs of the proceeding out of the trust estate.

6. The second defendant pay 70% of the plaintiff’s costs of the proceeding on the standard basis, to be assessed by the Costs Court in default of agreement.