Sprowles, in the matter of Triumph N Triumph Pty Ltd (in liq) (No 2) [2021] FCA 405

Sprowles, in the matter of Triumph N Triumph Pty Ltd (in liq) (No 2) [2021] FCA 405

Given the completion of the receivership's objectives, accounting of all receipts and payments, and absence of surplus or opposition, it is appropriate to discharge the receiver and dispense with filing and passing of accounts, and to permit the receiver to draw remuneration and costs as approved.

Jurisdiction
Australia
Judgment Date
15 April 2021
Procedural Posture
Corporations—receivership/remuneration Application / Post Determination of Remuneration, Application for Discharge and Other Orders
Outcome
Orders granted as sought—receiver discharged, dispensation of account requirements, permission to draw remuneration and costs, and liberty to apply.
Legal Topics
['receivership' 'remuneration of Receivers' 'discharge of Receiver' 'dispensation of Requirement to File and Pass Accounts']
['corporations Law'] ['receivership' 'remuneration of Receivers' 'discharge of Receiver' 'dispensation of Requirement to File and Pass Accounts']

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Procedural Posture

Corporations—receivership/remuneration Application / Post Determination of Remuneration, Application for Discharge and Other Orders

Legal Issues

  1. 1 ['Whether to discharge the receiver and manager of the Absolute Triumph Trust' 'Whether the requirement to file and pass accounts should be dispensed with' "Whether the receiver may draw remuneration and costs from the Trust's assets"]

Ratio Decidendi

Given the completion of the receivership's objectives, accounting of all receipts and payments, and absence of surplus or opposition, it is appropriate to discharge the receiver and dispense with filing and passing of accounts, and to permit the receiver to draw remuneration and costs as approved.

Court Disposition

Orders granted as sought—receiver discharged, dispensation of account requirements, permission to draw remuneration and costs, and liberty to apply.

Orders

  • ['First plaintiff discharged as receiver and manager of the assets of the Absolute Triumph Trust, effective after completion of steps in his 14 April 2021 affidavit.' 'Dispensation of requirement under r 14.25 of Federal Court Rules 2011 (Cth) to file and pass accounts.' 'First plaintiff permitted to draw from the...