Australian Securities and Investments Commission v Mega-Money Pty Ltd [2008] FCA 759

Australian Securities and Investments Commission v Mega-Money Pty Ltd [2008] FCA 759

The Court was satisfied, upon review of the affidavit evidence and supporting material, that the quantum and distribution method of the claimed remuneration were reasonable, making orders to approve, fix, and direct payment of the amounts claimed to the liquidator from the assets of the respective companies in liquidation.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Mega-Money Pty Ltd ACN 076 891 542; Second Defendant: Sevelle Corporation Pty Ltd ACN 118 374 324; Third Defendant: Sevelle Developments Pty Ltd ACN 106 433 603; Fourth Defendant: Sevelle Developments Newcastle-Hunter Pty Ltd ACN 112 548 366; Fifth Defendant: Sevelle Developments Central Coast Pty Ltd ACN 117 287 108; Sixth Defendant: Sevelle Developments South Coast Pty Ltd ACN 117 287 046; Seventh Defendant: David Dayan Sevelle; Eighth Defendant: Sevelle Developments Canberra Pty Ltd ACN 117 286 941; Applicant: Applicant Liquidator
Jurisdiction
Australia
Judgment Date
21 May 2008
Procedural Posture
Notice of Motion (remuneration Fixing/determination) / Determination of Liquidator's Remuneration
Outcome
Application granted; orders made for fixing and payment of liquidator's remuneration as sought.
Legal Topics
Liquidator Remuneration, Managed Investment Schemes
Corporations Law Insolvency Liquidator Remuneration Managed Investment Schemes

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Parties

Australian Securities and Investments Commission

Plaintiff

Mega-Money Pty Ltd ACN 076 891 542

First Defendant

Sevelle Corporation Pty Ltd ACN 118 374 324

Second Defendant

Sevelle Developments Pty Ltd ACN 106 433 603

Third Defendant

Sevelle Developments Newcastle-Hunter Pty Ltd ACN 112 548 366

Fourth Defendant

Sevelle Developments Central Coast Pty Ltd ACN 117 287 108

Fifth Defendant

Sevelle Developments South Coast Pty Ltd ACN 117 287 046

Sixth Defendant

David Dayan Sevelle

Seventh Defendant

Sevelle Developments Canberra Pty Ltd ACN 117 286 941

Eighth Defendant

Applicant Liquidator

Applicant

Procedural Posture

Notice of Motion (remuneration Fixing/determination) / Determination of Liquidator's Remuneration

Legal Issues

  1. 1 Whether the proposed liquidator remuneration is reasonable for the period specified for each entity in liquidation
  2. 2 Whether the methodological approach to apportioning remuneration among entities is appropriate

Ratio Decidendi

The Court was satisfied, upon review of the affidavit evidence and supporting material, that the quantum and distribution method of the claimed remuneration were reasonable, making orders to approve, fix, and direct payment of the amounts claimed to the liquidator from the assets of the respective companies in liquidation.

Court Disposition

Application granted; orders made for fixing and payment of liquidator's remuneration as sought.

Orders

  • The liquidator's remuneration for Mega-Money Pty Ltd (in Liquidation) for the period 4 July 2007 to 15 February 2008 be approved, fixed and paid in the amount of $53,894.79.
  • The liquidator's remuneration for Sevelle Developments Pty Ltd (in Liquidation) for the same period be approved, fixed and paid in the amount of $36,869.29.