Australian Securities and Investments Commission, in the matter of Oceanic Asset Management Pty Ltd v Oceanic Asset Management Pty Ltd [2017] FCA 426

Procedural Posture

Corporations Interlocutory Application / Application for Approval of Trustee Remuneration, Costs and Disbursements Determined on the Papers

Legal Issues

1. 1 ["Whether the Court should approve the trustee's remuneration, costs and disbursements incurred in the performance of his duties and exercise of his powers as trustee of the deceased estates." 'Whether the trustee should be indemnified from, and have an equitable lien over, the combined assets of the deceased estates for the approved remuneration, costs and expenses.']

Ratio Decidendi

The Court approved the trustee's remuneration, costs and disbursements because the trustee provided bills of costs and supporting affidavit evidence identifying the work performed, time spent, rates and disbursements; the amounts were reasonable having regard to the purpose of the trustee's appointment and were reasonably incurred; the notice steps required by the earlier orders had been completed; and no notice of objection was received.

Court Disposition

Application granted.

Orders

• ['The remuneration, costs and disbursements of Kimberley Stuart Wallman as trustee of the deceased estate of Mr David Jones in the amount of $109,095.46 (inclusive of GST) for the period 24 August 2015 up to and including 17 January 2017 incurred in the performance of his duties and the exercise of his powers as...