In the matter of NR Wolli Creek Pty Ltd (recs & mgrs apptd) [2019] NSWSC 313

In the matter of NR Wolli Creek Pty Ltd (recs & mgrs apptd) [2019] NSWSC 313

The Court approved the remuneration because the evidence showed that the provisional liquidation involved relatively complex security arrangements and dealings with secured creditors, work required under significant time pressure, detailed time records and industry-standard processes, and an appropriate allocation of work to the provisional liquidator, a manager and junior staff. The remuneration claimed was proportionate to the complexities of the matter and the extent of the work done, and those with an interest in the remuneration had notice and raised no opposition.

Jurisdiction
Australia
Judgment Date
05 February 2019
Procedural Posture
Application for Approval of Remuneration of Provisional Liquidators Under S 60 16 of the Insolvency Practice Schedule (corporations) (cth) / Interlocutory Process; Ex Tempore Judgment
Outcome
Applicants' remuneration approved.
Legal Topics
['winding Up' 'provisional Liquidators' 'remuneration of External Administrators' 'costs in Provisional Liquidation']
['corporations' 'insolvency'] ['winding Up' 'provisional Liquidators' 'remuneration of External Administrators' 'costs in Provisional Liquidation']

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Procedural Posture

Application for Approval of Remuneration of Provisional Liquidators Under S 60 16 of the Insolvency Practice Schedule (corporations) (cth) / Interlocutory Process; Ex Tempore Judgment

Legal Issues

  1. 1 ["Whether the Court should approve the Applicants' remuneration as joint and several provisional liquidators of the Company in the amount of $57,548 for the period 27 March 2018 to 13 May 2018." 'Whether the remuneration claimed was reasonable and proportionate to the complexity of the matter and the work performed.' 'Whether the costs of the application should be costs in the provisional liquidation of the Company.']

Ratio Decidendi

The Court approved the remuneration because the evidence showed that the provisional liquidation involved relatively complex security arrangements and dealings with secured creditors, work required under significant time pressure, detailed time records and industry-standard processes, and an appropriate allocation of work to the provisional liquidator, a manager and junior staff. The remuneration claimed was proportionate to the complexities of the matter and the extent of the work done, and those with an interest in the remuneration had notice and raised no opposition.

Court Disposition

Applicants' remuneration approved.

Orders

  • ["Approve the Applicants' remuneration as joint and several provisional liquidators of the Third Defendant in the sum of $57,548 in respect of the period 27 March 2018 to 13 May 2018." 'The costs of the application are costs in the provisional liquidation of the Company.']