On 4 February 2013, Stansfield DIY Wealth Pty Ltd (in liquidation) was wound up, and a liquidator was appointed. At that time, the only function of the company was acting as trustee of a self-managed superannuation fund. It had no assets or liabilities, save in its capacity as trustee of the super fund.
The liquidator sought directions from the Court as to whether he was permitted to sell or otherwise deal with the trust assets of the super fund in order to discharge the company’s liabilities and to recover the liquidator’s remuneration and expenses.