Deryk Rowan Andrew as Trustee for Estate of Colin George Ward (Deceased) v Zant Pty Ltd

In the matter of Deryk Rowan Andrew as Trustee for the Estate of Colin George Ward (Deceased) v Zant Pty Ltd, the dispute concerns the validity and enforcement of certain mortgages and the role of Fitstar as an intermediary in the transactions. The parties involved are Deryk Rowan Andrew, the trustee for the estate of Colin George Ward, who has passed away, and Zant Pty Ltd, among other respondents. The primary legal issue before the court was to determine whether the mortgages in question were genuine transactions or if they were merely a scheme orchestrated by Colin Ward to hinder, defeat, or delay his creditors.

The court examined the evidence provided, including testimonies and affidavits, to assess the nature of the transactions. It was revealed that Colin Ward, an accountant with a history of questionable practices, had a pattern of handling large cash transactions and engaging in activities that suggested a broader involvement in illicit activities. The court concluded that the mortgages were likely part of a scheme where funds beneficially owned by Mr Ward were circulated through Fitstar to create the illusion of legitimate transactions. This conclusion was drawn, in part, due to Fitstar's failure to defend the proceedings or present evidence that the mortgages were genuine.

Based on the findings, the court ordered that the applicant prepare a draft of the orders to be made, reflecting the reasons for the judgment. These orders would include declarations and ancillary measures to facilitate the transfer of titles to the applicant, subject to existing mortgages and the interests of third parties who are not alter egos of Mr Ward. The matter was stood over for further submissions regarding the form of the orders if deemed necessary by the court.