Trusts

Estate of the late Walter Simpson (testamentary trust)

Application by the trustee of testamentary trust for judicial advice & directions from the Supreme Court of Queensland, appeared for the income beneficiary, instructed by Bradley Allen Love, Canberra. Question concerned whether fully franked dividends should be treated as income or capital, where dividend partly reflected sale of international business line. 

On 22 March 2018, the matter settled at final hearing before Crow J, following cross-examination of the parties' expert accountants, with orders apportioning the payments 60%:40% between capital and income.

'Poles & Wires' Privatisation of State Electricity Network Assets

Conducted negotiations with NSW Treasury on behalf of the industry's superannuation fund, resulting in landmark agreement with State of NSW for the future funding of the defined benefit pension schemes as part of the NSW "Poles and Wires" privatisation of the State's electricity network assets pursuant to the Electricity Network Assets (Authorised Transactions) Act 2015 (NSW), instructed direct.

MF Global Australia Winding Up

Acted for the clients of financial derivatives broker MF Global, instructed by Arnold Bloch Liebler, in winding-up proceedings in the Supreme Court of New South Wales, and as contradictor to competing priority claims by Deutsche Bank AG and by MF Global (Singapore) Pte Ltd (in liq).

MF Global’s Australia arm held a $319 million trading book on behalf of about 13,000 clients.

In re MF Global Australia Ltd (in liq) [2012] NSWSC 994

In re MF Global Australia Ltd (in liq) (No 2) [2012] NSWSC 1426

Media coverage: MF Global collapse exposes local loopholes (SMH)

MF Global collapse exposes Australian loophole on client money (Reuters)