Official Trustee in Bankruptcy v Buffier

The case of Official Trustee in Bankruptcy v Buffier involved a dispute where the Official Trustee sought to wind up a corporation on the basis that it was just and equitable to do so. The corporation had not been under valid and effective management, and one of its directors, Mr Buffier, was also a bankrupt who had been subject to an ASIC banning order prohibiting him from managing a corporation. The Official Trustee also sought to exercise his powers under the Bankruptcy Act 1966 (Cth) in relation to shares held by the bankrupt in the corporation. The matter was heard in the Federal Circuit Court of Australia.

The court had to decide whether Mr Buffier's appointment as a director was valid and effective, despite the ASIC banning order, and whether the Official Trustee had the power to exercise control over the corporation and its assets, including the shares held by the bankrupt. The court also had to consider the bankrupt's capacity to be appointed as a company director and the powers of the Official Trustee in relation to the shares held by the bankrupt.

The court held that Mr Buffier's appointment as a director was invalid and ineffective due to the ASIC banning order, and that the corporation was not under valid and effective management. The court found that it was just and equitable to wind up the corporation. The court also held that the Official Trustee had the power to exercise control over the corporation and its assets, including the shares held by the bankrupt, and that the bankrupt did not have the capacity to be appointed as a company director. The court further found that the Official Trustee had the power to exercise control over the shares held by the bankrupt.

The court made orders winding up the corporation and appointing a liquidator. The court also declared that Mr Buffier's appointment as a director was invalid and ineffective, and that the Official Trustee had the power to exercise control over the corporation and its assets, including the shares held by the bankrupt. The court further declared that the bankrupt did not have the capacity to be appointed as a company director and that the Official Trustee had the power to exercise control over the shares held by the bankrupt.