Taylor (Trustee), in the matter of Kwok v Goldana Investments Pty Limited (receivers and managers appointed) (No 2)

In the case of Taylor (Trustee), in the matter of Kwok v Goldana Investments Pty Limited (receivers and managers appointed) (No 2), the Trustee of the bankrupt estate of Michael Wilson Kwok sought to have the shares in Goldana Investments Pty Limited, previously held by Mr Kwok, transferred to him and to wind up the company. The dispute involved the rights of a trustee in bankruptcy to become the registered shareholder of a company and to apply for the winding up of the company on just and equitable grounds. The court had to determine whether the Trustee could become the registered holder of the shares and whether he had standing to apply for the winding up of the company.

The key legal issues were whether the Trustee could be recorded as the registered holder of the shares in Goldana and whether he had standing to apply for the winding up of the company on just and equitable grounds. The Trustee argued that upon the transfer of the shares back to Mr Kwok, they vested in him under s 58(1)(b) of the Bankruptcy Act. However, to apply for the winding up of the company, he needed to be the registered holder of the shares. The court had to decide whether the Trustee could be made the registered holder of the shares and if he could apply for the winding up of the company.

The court held that the Trustee was entitled to the relief he sought. The court ordered that the register of members of Goldana Investments Pty Limited be corrected to record that the shares be registered in the name of the Trustee as trustee of the bankrupt estate of Michael Wilson Kwok. The court also held that the Trustee had standing to apply for the winding up of the company on just and equitable grounds. The court made an order that Goldana Investments Pty Limited be wound up and appointed a liquidator. The court further ordered that the costs of the application be paid out of the assets of Goldana Investments Pty Limited.