In the matter of Inavas Pty Ltd

In the Federal Court, Inavas Pty Ltd sought the vesting of its property following its deregistration and subsequent reinstatement. The primary concern was the disposition of the corporation's superannuation entitlement. The Commonwealth had claimed that the property, including the superannuation entitlement, vested in it upon the corporation's deregistration. The court was tasked with determining the appropriate recipient of the superannuation entitlement post-reinstatement, given that it had already vested in the Commonwealth under the Trustee Act.

The legal issues before the court involved the interpretation of the relevant sections of the Corporations Act and the Trustee Act, particularly in relation to the vesting of property upon deregistration and the subsequent effect of reinstatement on that vesting. The key question was whether the superannuation entitlement, having already vested in the Commonwealth, could be transferred to a compliant superannuation fund upon the corporation's reinstatement. The court had to balance the statutory requirements for vesting with the practical implications of the corporation's continued existence post-reinstatement.

The court determined that the superannuation entitlement did vest in the Commonwealth upon the corporation's deregistration. However, it also found that a vesting order under section 70 of the Trustee Act was available. The court concluded that the superannuation entitlement should vest in another compliant superannuation fund, rather than remaining with the Commonwealth, to ensure compliance with superannuation laws. This decision reflected a nuanced interpretation of the statutory provisions, aiming to uphold both the statutory framework and the practical needs of the parties involved.

The court ordered that the superannuation entitlement, having vested in the Commonwealth, should be transferred to a compliant superannuation fund. This decision ensured that the superannuation entitlement was appropriately managed and compliant with relevant laws, while also recognising the corporation's reinstatement and the need to resolve the disposition of its assets in a legally sound manner.