Australian Securities and Investments Commission v Marco (No 17) [2024] FCA 1449

Australian Securities and Investments Commission v Marco (No 17) [2024] FCA 1449

For substantially the same reasons as expressed in Marco (No 11) and based on the same protections and safeguards, the Court is satisfied that interim payment of 85% of receivers' claimed remuneration for the relevant periods should be approved and that the receivers' reports should be treated as confidential, accessible only by leave of the Court.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Chris Marco; Second Defendant: AMS Holdings (WA) Pty Ltd (Receivers & Managers Appointed) (In Liquidation) (ACN 164 700 485); Third Defendant: AMS Holdings (WA) Pty Ltd (Receivers & Managers Appointed) (In Liquidation) (ACN 164 700 485) as Trustee for AMS Holdings Trust; Interested Persons: Robert Michael Kirman and Robert Conry Brauer as Receivers
Jurisdiction
Australia
Judgment Date
13 December 2024
Procedural Posture
Corporations Proceeding / Application for Fixing and Approving Remuneration of Receivers; Application for Confidentiality Orders
Outcome
Orders made as sought in the interlocutory application by the receivers. Receivers' remuneration to be fixed, interim payment approved, confidentiality orders and directions as to costs made.
Legal Topics
Receivers' Remuneration, Interim Remuneration Payments, Confidentiality of Reports
Corporations Law Insolvency Receivers' Remuneration Interim Remuneration Payments Confidentiality of Reports

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Parties

Australian Securities and Investments Commission

Plaintiff

Chris Marco

First Defendant

AMS Holdings (WA) Pty Ltd (Receivers & Managers Appointed) (In Liquidation) (ACN 164 700 485)

Second Defendant

AMS Holdings (WA) Pty Ltd (Receivers & Managers Appointed) (In Liquidation) (ACN 164 700 485) as Trustee for AMS Holdings Trust

Third Defendant

Robert Michael Kirman and Robert Conry Brauer as Receivers

Interested Persons

Procedural Posture

Corporations Proceeding / Application for Fixing and Approving Remuneration of Receivers; Application for Confidentiality Orders

Legal Issues

  1. 1 Whether the remuneration of receivers for specified periods should be fixed and interim payments approved
  2. 2 Whether confidentiality orders should be made regarding receivers' reports

Ratio Decidendi

For substantially the same reasons as expressed in Marco (No 11) and based on the same protections and safeguards, the Court is satisfied that interim payment of 85% of receivers' claimed remuneration for the relevant periods should be approved and that the receivers' reports should be treated as confidential, accessible only by leave of the Court.

Court Disposition

Orders made as sought in the interlocutory application by the receivers. Receivers' remuneration to be fixed, interim payment approved, confidentiality orders and directions as to costs made.

Orders

  • A Registrar to review and fix the receivers' remuneration for the specified periods under the relevant previous orders.
  • Receivers to provide further information to the Registrar upon request and may respond within 14 days.