In the matter of Metal Storm Ltd (subject to Deed of Company Arrangement) [2015] NSWSC 1699

In the matter of Metal Storm Ltd (subject to Deed of Company Arrangement) [2015] NSWSC 1699

Remuneration sought by the receivers should be approved in the amounts specified due to evidence of complexity, prudent conduct in asset sale, consent of sophisticated stakeholders, and absence of active opposition, notwithstanding that costs exceeded sale proceeds.

Jurisdiction
Australia
Judgment Date
28 October 2015
Procedural Posture
Corporations – Receivers' Remuneration Approval / Orders Approving Remuneration and Release of Funds
Outcome
Receivers' remuneration approved; orders made as per short minutes of order.
Legal Topics
['receivership' 'remuneration of Insolvency Practitioners' 'approval of Expenses']
['corporations Law' 'equity'] ['receivership' 'remuneration of Insolvency Practitioners' 'approval of Expenses']

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Procedural Posture

Corporations – Receivers' Remuneration Approval / Orders Approving Remuneration and Release of Funds

Legal Issues

  1. 1 ['Whether the remuneration and expenses of receivers should be approved given the complexity of the asset sale and overall shortfall in proceeds']

Ratio Decidendi

Remuneration sought by the receivers should be approved in the amounts specified due to evidence of complexity, prudent conduct in asset sale, consent of sophisticated stakeholders, and absence of active opposition, notwithstanding that costs exceeded sale proceeds.

Court Disposition

Receivers' remuneration approved; orders made as per short minutes of order.

Orders

  • ["Orders 2 and 3 of the short minutes of order initialled by the judge and placed on the file, approving receivers' remuneration and ordering the release of funds held by the company to the receivers." 'Copy of affidavits of Mr Lucan and exhibits ordered to be returned.']