Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
17. Liquidator of trustee‑manager entitled to exercise indemnity rights
Feedback & supportIf the trustee‑manager of a registered business trust is being wound up, is under judicial management or receivership or has executed a deed of company arrangement that has not terminated —
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
any provision of the trust deed of the registered business trust or of another instrument which purports to deny the trustee‑manager a right to be indemnified out of the trust property of the registered business trust that the trustee‑manager would have had if it were not being wound up, under judicial management or receivership or if it had not executed a deed of company arrangement (as the case may be) is void against the liquidator, judicial manager or receiver of the trustee‑manager or the executor of the deed of company arrangement, as the case may be; and
deed
“deed” means any deed which creates a trust or provides for the governance of the affairs of the trust and the conduct of its business and includes any instrument amending or affecting the deed;
any right of the trustee‑manager to be indemnified out of the trust property of the registered business trust is to be exercised by the liquidator, judicial manager or receiver of the trustee‑manager or the executor of the deed of company arrangement, as the case may be.
trust property
“trust property”, in relation to a business trust, means all property and rights of any kind whatsoever which are held on trust for the unitholders of the business trust, in accordance with the terms of the trust deed, including —(a)contributions of money or any other assets to the business trust;(b)property that forms part of the assets of the business trust under the provisions of this Act;(c)property arising in relation to any contract, agreement or arrangement entered into by or on behalf of the trustee in its capacity as trustee of the business trust;(d)property arising in relation to any claims or rights held by or on behalf of the trustee in its capacity as trustee of the business trust;(e)proceeds from money borrowed or raised by the trustee of the business trust for the purposes of the business trust;(f)property acquired, directly or indirectly, with the contributions or money mentioned in paragraph (a), (b), (c), (d) or (e) or with the proceeds thereof; and(g)profits, income and property derived, directly or indirectly, from contributions, money or property mentioned in paragraph (a), (b), (c), (d) or (e);