In a recent article published in the Insolvency Law Journal[1], I discussed some of the difficulties encountered by liquidators and courts in trying to apply Chapter 5 of the Corporations Act to trustee companies. Liquidating a trustee company gives rise to an added layer of complexity in liquidations, with the liquidator obliged to follow not only the statutory regime, but to also comply with the equitable principles of trusts and potentially the trust deed itself. Trustee companies are the ‘square peg’ in the round hole of the Corporations Act.