At material times - particularly 1997 and 1998 - the appellant Loo ("Loo" or "the appellant") was a trader in illegally acquired abalone. In February 1997, Loo procured the incorporation of a company Bow Ye Investments Pty. Ltd. ("Bow Ye") of which he was, between the date of its incorporation and its winding-up, the sole director, shareholder and secretary. Also, from the time of its incorporation, Bow Ye was the trustee of the Loo Family Trust, the trust having been established by deed dated 29 January 1997. Loo was the guardian and appointor named in the trust deed. Bow Ye was the registered proprietor of two properties which were at the centre of the dispute in the proceedings below. The first such property was 26 Calambeena Avenue, Oakleigh[21]; and the second was at 181 Exhibition Street, Melbourne[22]. The property at Calambeena Avenue had been acquired by Loo and his wife in February 1990, and appears to have been their matrimonial home, although the judge found that it had also been used by Loo in 1997/8 for the processing of abalone. In any event, that property was sold by Loo and his wife to Bow Ye in 1997 for the sum of $249,000; and in May 1997, Bow Ye acquired the property at 181 Exhibition Street for $275,000. It would appear, and the primary judge so found, that in March 1997 Loo had set up three bank accounts in names of persons he knew well or to whom he was related. Loo operated those accounts under notice of authority; and from March 1997 until June 1998, large sums of money passed through each account. The judge concluded, from the evidence before him, that the deposits into the accounts represented likely proceeds of sale of abalone. The judge also concluded, on the material before him, that funds on a large scale were available to Loo throughout 1997; a period during which "on the face of it, substantial unsecured loans were made to Bow Ye by off-shore individuals and a company with whom and which respectively [Loo] had links". His Honour identified three, or possibly four, unsecured creditors from Malaysia and Singapore who, at the time when Bow Ye went into liquidation (deemed to have commenced on 14 September 2000) claimed to be owed somewhere in the vicinity of $350,000. These creditors did not appear in the proceedings before the judge, despite being given notice in accordance with s.70 of the Act. The judge described the debts which they claimed as "dubious". The major assets of Bow Ye at the commencement of liquidation were the two properties which I have described. The value ascribed to them was approximately $500,000.[23]