Australian Securities and Investments Commission v Marco (No 14) [2023] FCA 244

Australian Securities and Investments Commission v Marco (No 14) [2023] FCA 244

The Court was satisfied that the application could be determined on the papers; that the Receivers' affidavit and remuneration reports explained the nature, need for and complexity of the work, addressed the matters in s 425(8), declared the work necessary and properly performed, and complied with applicable professional reporting standards; that no party or committee of inspection opposed the claimed remuneration; and that the same safeguards used in earlier remuneration applications justified interim payment of 85% of the claimed remuneration pending the Registrar's determination.

Jurisdiction
Australia
Judgment Date
21 March 2023
Procedural Posture
Corporations Application by Court Appointed Receivers for Fixing Remuneration and Interim Payment of Remuneration / Interlocutory Process Dated 28 February 2023 Determined on the Papers
Outcome
Orders made in terms of the Receivers' interlocutory application of 28 February 2023.
Legal Topics
["receivers' Remuneration" 'interim Payment of Remuneration' 'registrar Review and Fixing of Remuneration' 'court Appointed Receivers and Managers']
['commercial and Corporations' 'corporations and Corporate Insolvency'] ["receivers' Remuneration" 'interim Payment of Remuneration' 'registrar Review and Fixing of Remuneration' 'court Appointed Receivers and Managers']

Case Brief

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Procedural Posture

Corporations Application by Court Appointed Receivers for Fixing Remuneration and Interim Payment of Remuneration / Interlocutory Process Dated 28 February 2023 Determined on the Papers

Legal Issues

  1. 1 ['Whether a Registrar should review and fix the remuneration to which the Receivers are properly entitled for the periods from 4 June 2022 to 2 September 2022 and 3 September 2022 to 2 December 2022.' "Whether interim payment of 85% of the Receivers' claimed remuneration should be approved pending determination by a Registrar." 'Whether the matter should be determined without an oral hearing.']

Ratio Decidendi

The Court was satisfied that the application could be determined on the papers; that the Receivers' affidavit and remuneration reports explained the nature, need for and complexity of the work, addressed the matters in s 425(8), declared the work necessary and properly performed, and complied with applicable professional reporting standards; that no party or committee of inspection opposed the claimed remuneration; and that the same safeguards used in earlier remuneration applications justified interim payment of 85% of the claimed remuneration pending the Registrar's determination.

Court Disposition

Orders made in terms of the Receivers' interlocutory application of 28 February 2023.

Orders

  • ['A Registrar of the Court is to review and fix the remuneration to which the Receivers are properly entitled for the periods from 4 June 2022 to 2 September 2022 and 3 September 2022 to 2 December 2022 under orders 5, 6, 7 and 10 made on 7 December 2020.' 'The Registrar will advise the Receivers if further...