Amerind or am I wrong? Victoria changes direction on insolvent corporate trustees

Assets held by an insolvent corporate trustee in its capacity as trustee may not be "property of the company".

For more than 30 years, Victoria has stood apart from the rest of Australia in how it treats the assets of an insolvent corporate trustee. That may have changed, following the Supreme Court's decision in Re Amerind Pty Ltd (receivers and managers appointed) (in liq) [2017] VSC 127.

Insolvency practitioners should note that assets held by an insolvent corporate trustee in its capacity as trustee may not be "property of the company", and therefore will not be subject to the priority regimes in the Corporations Act 2001 (Cth). Rather, trust assets should be distributed on a pari passu basis.