Owen, in the matter of RiverCity Motorway Pty Limited (Administrators Appointed) (Receivers and Managers Appointed) [2014] FCA 1008

Owen, in the matter of RiverCity Motorway Pty Limited (Administrators Appointed) (Receivers and Managers Appointed) [2014] FCA 1008

The Court determined it was proper, reasonable, and beneficial to approve the remuneration of administrators and liquidators as sought, direct that liquidators have a direct right of indemnity out of trust assets (apportioned by value), declare that liquidators of the responsible entity are not 'officers' for the purposes of s 601FD(1)(c), confirm the validity of Committees of Inspection, extend reporting deadlines, and make non-disclosure orders as necessary to ensure the proper and beneficial winding up and administration of the companies and relevant trusts.

Parties
Applicants: Michael Andrew Owen, Stephen James Parbery and Christopher Clarke Hill as joint and several administrators and liquidators of RiverCity Motorway Pty Limited (Administrators Appointed) (Receivers and Managers Appointed) and related companies
Jurisdiction
Australia
Judgment Date
18 September 2014
Procedural Posture
Company Administration and Liquidation (creditors' Voluntary Winding Up) / Application for Directions, Remuneration Approval Orders, Determination of Indemnity Rights, Status/declaration Orders
Outcome
Applications granted; Remuneration fixed; Directions and declarations made as sought; Non-disclosure orders granted
Legal Topics
Administrator and Liquidator Remuneration, Winding Up, Managed Investment Schemes, Right of Indemnity From Trust Assets, Committees of Inspection, Court Directions to Liquidators, Non Disclosure / Confidentiality Orders
Corporations Law Insolvency Equity and Trusts Court Procedure Administrator and Liquidator Remuneration Winding Up Managed Investment Schemes Right of Indemnity From Trust Assets +3 more

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Parties

Michael Andrew Owen, Stephen James Parbery and Christopher Clarke Hill as joint and several administrators and liquidators of RiverCity Motorway Pty Limited (Administrators Appointed) (Receivers and Managers Appointed) and related companies

Applicants

Procedural Posture

Company Administration and Liquidation (creditors' Voluntary Winding Up) / Application for Directions, Remuneration Approval Orders, Determination of Indemnity Rights, Status/declaration Orders

Legal Issues

  1. 1 Whether to approve and fix remuneration of administrators and liquidators
  2. 2 Whether to grant liquidators a direct right of indemnity out of trust assets and the method of apportionment
  3. 3 Whether liquidators of the Responsible Entity are 'officers' under Chapter 5C of the Corporations Act 2001 (Cth)

Ratio Decidendi

The Court determined it was proper, reasonable, and beneficial to approve the remuneration of administrators and liquidators as sought, direct that liquidators have a direct right of indemnity out of trust assets (apportioned by value), declare that liquidators of the responsible entity are not 'officers' for the purposes of s 601FD(1)(c), confirm the validity of Committees of Inspection, extend reporting deadlines, and make non-disclosure orders as necessary to ensure the proper and beneficial winding up and administration of the companies and relevant trusts.

Court Disposition

Applications granted; Remuneration fixed; Directions and declarations made as sought; Non-disclosure orders granted

Orders

  • Remuneration of administrators and liquidators fixed at specified amounts for certain periods in respect of various entities and trusts, to be paid out of relevant assets or trust property in apportionment by asset value.
  • Liquidators entitled to direct indemnity and lien over trust assets for proper costs, expenses and remuneration, with method of apportionment specified.