In the matter of Rivercorp Pty Ltd (receivers and managers appointed) (in liquidation) [2012] NSWSC 1078

In the matter of Rivercorp Pty Ltd (receivers and managers appointed) (in liquidation) [2012] NSWSC 1078

The liquidator's entry into costs agreements and retainers with solicitors was a proper exercise of his powers, supported by evidence of reasonable rates, skill and positive recoveries. Retrospective approval is appropriate under s 477(2B) and suffices without further s 1322 order.

Jurisdiction
Australia
Judgment Date
16 July 2012
Procedural Posture
Interlocutory Application / Application for Retrospective Approval of Costs Agreements Under Liquidation
Outcome
Orders for retrospective approval granted.
Legal Topics
['liquidation' 'approval of Costs Agreements' 'retrospective Orders']
['corporations Law'] ['liquidation' 'approval of Costs Agreements' 'retrospective Orders']

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Procedural Posture

Interlocutory Application / Application for Retrospective Approval of Costs Agreements Under Liquidation

Legal Issues

  1. 1 ["Whether retrospective approval should be granted under Corporations Act s 477(2B) for the liquidator's entry into costs agreements and retainers with solicitors" 'Whether a further order under s 1322(4) is necessary if an order under s 477(2B) is made' 'Whether costs of application should be costs in the liquidation']

Ratio Decidendi

The liquidator's entry into costs agreements and retainers with solicitors was a proper exercise of his powers, supported by evidence of reasonable rates, skill and positive recoveries. Retrospective approval is appropriate under s 477(2B) and suffices without further s 1322 order.

Court Disposition

Orders for retrospective approval granted.

Orders

  • ['Order pursuant to s 477(2B) of the Corporations Act approving retrospectively the entry by the liquidator into the costs agreements with Polczynski Lawyers and Streeter Lawyers.' "The liquidator's costs of and incidental to the application be costs in the liquidation." 'Confidentiality order in respect of...