In the matter of J & Lee Property Investment Group Pty Limited (in liquidation) [2019] NSWSC 927

In the matter of J & Lee Property Investment Group Pty Limited (in liquidation) [2019] NSWSC 927

The receivers' remuneration was approved because the work claimed was properly characterised as work connected with the administration of trust assets, was reasonably necessary for the receivership, was supported by detailed time records, was performed with appropriate allocation between senior and junior staff at reasonable rates, and was proportionate having regard to the large sale proceeds of the trust properties. Approval was also appropriate because Peter Hillig undertook not to draw from the company the same fees already approved by creditors as liquidator's remuneration to the extent covered by the receivers' remuneration order.

Jurisdiction
Australia
Judgment Date
19 July 2019
Procedural Posture
Application for Approval of Receivers' Remuneration / Principal Judgment
Outcome
Receivers' remuneration approved.
Legal Topics
['winding Up' 'approval of Remuneration' 'liquidator Appointed as Receiver of Trust Assets' 'administration of Trust Assets' 'time Based Remuneration']
['corporations' 'equity' 'insolvency' 'trusts'] ['winding Up' 'approval of Remuneration' 'liquidator Appointed as Receiver of Trust Assets' 'administration of Trust Assets' 'time Based Remuneration']

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Procedural Posture

Application for Approval of Receivers' Remuneration / Principal Judgment

Legal Issues

  1. 1 ["Whether the receivers' remuneration of $199,885.68 inclusive of GST for the period 16 August 2017 to 30 June 2019 should be approved." "Whether work previously approved by creditors as liquidator's remuneration was properly characterised as work in the administration of trust assets and chargeable against trust assets." 'Whether the time-based remuneration claimed was reasonable having regard to the work performed, allocation of tasks, hourly rates, and value of assets realised.']

Ratio Decidendi

The receivers' remuneration was approved because the work claimed was properly characterised as work connected with the administration of trust assets, was reasonably necessary for the receivership, was supported by detailed time records, was performed with appropriate allocation between senior and junior staff at reasonable rates, and was proportionate having regard to the large sale proceeds of the trust properties. Approval was also appropriate because Peter Hillig undertook not to draw from the company the same fees already approved by creditors as liquidator's remuneration to the extent covered by the receivers' remuneration order.

Court Disposition

Receivers' remuneration approved.

Orders

  • ['Note the undertaking of Peter Hillig not to take payment from the second plaintiff for remuneration approved by the creditors of the second plaintiff to the extent that the remuneration is in respect of work for which remuneration is approved in Order 2.' "Approve payment of the receivers' remuneration in the sum...