In the matter of VSH Investment Pty Ltd

VSH Investment Pty Ltd was in the process of winding up, and its liquidator sought to be appointed as the receiver of the assets of a unit trust of which the company was the trustee. The liquidator also sought orders to permit the sale of the trust assets to enforce the right of indemnity and recover the costs of receivership and winding up. The court was required to consider the liquidator's application and determine whether the liquidator should be appointed as the receiver of the trust assets and whether the sale of those assets should be permitted. The court also had to consider the quantum of the liquidator's remuneration and expenses.

The court found that the liquidator's affidavit failed to explain the substantial delay in the liquidation and in bringing the application. The court was concerned about the extent of the remuneration and expenses claimed by the liquidator and the charge over the trust assets in respect of those claims. The court considered the concerns raised by the sole shareholder of the company and sole unitholder of the trust regarding the extent of the remuneration and expenses claimed by the liquidator. The court concluded that the liquidator's application should be granted and that the liquidator should be appointed as the receiver of the trust assets. The court also found that the sale of the trust assets should be permitted to enforce the right of indemnity and recover the costs of receivership and winding up.

The court made orders appointing the liquidator as the receiver of the trust assets and permitting the sale of those assets to enforce the right of indemnity and recover the costs of receivership and winding up. The court also made orders regarding the remuneration and expenses of the liquidator, including the charge over the trust assets in respect of those claims. The court noted that the liquidator's remuneration and expenses would be subject to further consideration by the court.