McGrathNicol, the Receivers of Brite Advisors Pty Ltd (In Liquidation), have today issued a further update to Corporate Trustees and Beneficiaries confirming the procedures now in place for redirecting future distribution payments.
There are two routes available to Beneficiaries who have terminated, or intend to terminate, arrangements with their original Corporate Trustee:
- Appoint an alternative Corporate Trustee to receive future distributions (procedure in place since August 2025).
- Receive future distributions directly, without appointing a replacement Corporate Trustee. This is the newer route, enabled by Order 5 of the Federal Court of Australia’s orders dated 28 January 2026.
Each route requires a specific form, signed by all relevant parties and submitted to the Receivers. Both forms are available from section 13 of the McGrathNicol website.
A word of caution for UK-based Beneficiaries
The choice between these two routes is rarely neutral. For UK residents, taking a distribution directly outside of a qualifying pension wrapper can trigger unauthorised payment charges, income tax liabilities, and the loss of the tax-advantaged status that originally attached to the pension monies. Appointing an appropriately regulated alternative Corporate Trustee can preserve the pension wrapper and the underlying tax position.
We strongly encourage any Beneficiary considering their options to take independent tax and pensions advice before electing to receive a distribution directly.
Read the full update
The Receivers’ circular sets out the full procedure for both routes, references the relevant Court Orders, and links to the required forms.
Download the full McGrathNicol update (PDF)
If you would like to discuss this further please get in touch with the Alltrust team.