Frigger, in the matter of an application by Frigger

Hartmut Hubert Josef Frigger and Angela Cecilia Theresa Frigger applied for leave to manage H & A Frigger Pty Ltd (ACN 156 617 864) (the Company) as trustee of the Frigger Super Fund. The Company had been the trustee of the fund since around the time of the applicants' bankruptcy. The applicants had been disqualified from managing a corporation under s 126J(1)(b) of the Superannuation Industry (Supervision) Act 1993 (Cth). The applicants argued that they should be allowed to manage the Company because it was in the interests of the Company, the fund, and the public, given their history of managing the fund and the fact that it had accumulated substantial assets. The court considered whether the applicants should be granted leave to manage the Company and be exempted from the disqualification under s 126J of the Superannuation Industry (Supervision) Act 1993 (Cth). The court considered the evidence and the applicants' history of managing the fund. The court found that the Company was a proprietary company which carried on no activity other than to act as trustee of the FSF. The beneficiaries of that activity are the beneficiaries of the FSF, being Mr and Mrs Frigger and their children. That small group of people is the group that will be directly affected by the activities of the applicants after they are given leave to manage the Company. They all support the application. There are no creditors or employees who may be affected. The shareholders support the application and given the nature of the Company's activities as a trustee they are unlikely to be affected in any event. The court concluded that the activities of the FSF have been investment in shares and property which have caused its assets to accumulate over time. The applicants have been engaged in litigation with the trustees in other proceedings in this court, so it would be going too far to characterise the relationship as a cooperative one. The merits of that litigation will fall to be determined in those proceedings.

The court granted the applicants' leave to manage the Company subject to certain conditions. The applicants have leave to manage H & A Frigger Pty Ltd (ACN 156 617 864) (the Company). Until such time as both of the Applicants are no longer disqualified from managing corporations under Part 2D.6 of the Corporations Act, the Company must not engage in any activity other than to act as trustee of the Frigger Super Fund and to do things that are reasonably incidental to so acting. Each of the Applicants is not a disqualified person in relation to the Company and the Frigger Super Fund.