Australian Securities and Investments Commission v Kaur (No 2) [2024] FCA 760

Australian Securities and Investments Commission v Kaur (No 2) [2024] FCA 760

The receivers' and liquidators’ remuneration, as claimed, was fair and reasonable in the circumstances having regard to the complexity of the property and administration, the poor state of records, the time spent, and the value of the property and creditor claims. Dispensation from strict compliance with r 9.2 was...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
27 June 2024
Procedural Posture
Application for Approval of Remuneration and Dispensation From Compliance With Procedural Rules in Receivership and Liquidation / Determination of Remuneration; Reasons for Approval
Outcome
Remuneration for past and future periods approved for receivers and liquidators; dispensation from further compliance with r 9.2 granted; costs orders as costs of administration.
Legal Topics
['receivership Remuneration' 'liquidator Remuneration' 'approval of External Administrator Remuneration' 'dispensation From Procedural Rules']
['corporations Law' 'insolvency' 'commercial Law'] ['receivership Remuneration' 'liquidator Remuneration' 'approval of External Administrator Remuneration' 'dispensation From Procedural Rules']

Source-derived case record

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Procedural Posture

Application for Approval of Remuneration and Dispensation From Compliance With Procedural Rules in Receivership and Liquidation / Determination of Remuneration; Reasons for Approval

Legal Issues

  1. 1 ['Whether the claimed remuneration for receivers and liquidators is fair and reasonable' 'Whether dispensation from compliance with r 9.2 of the Federal Court (Corporations) Rules 2000 (Cth) should be granted']

Ratio Decidendi

The receivers' and liquidators’ remuneration, as claimed, was fair and reasonable in the circumstances having regard to the complexity of the property and administration, the poor state of records, the time spent, and the value of the property and creditor claims. Dispensation from strict compliance with r 9.2 was appropriate given the liquidators' difficulties and efforts to notify the five largest creditors, none of whom objected.

Court Disposition

Remuneration for past and future periods approved for receivers and liquidators; dispensation from further compliance with r 9.2 granted; costs orders as costs of administration.

Orders

  • ["Receivers' remuneration for 7 June 2023 to 14 April 2024 approved at $184,642.50 (excl. GST)." "Receivers' estimated remuneration for 15 April 2024 to 31 December 2024 approved up to $150,000.00 (excl. GST)." 'Receivers entitled to recover remuneration from Property.' 'Receivers to file and serve affidavit...