In the matter of Mema Developments Pty Ltd [2011] NSWSC 1340

In the matter of Mema Developments Pty Ltd [2011] NSWSC 1340

The statutory machinery for liquidator's remuneration has not broken down, as the creditors had already fixed remuneration for the period to finalisation. However, the court has the power under s 504 to review and vary remuneration already determined. Evidence indicates additional matters arose not contemplated by the original remuneration resolution, and therefore a review is appropriate.

Jurisdiction
Australia
Judgment Date
08 November 2011
Procedural Posture
Interlocutory Applications / Application for Review of Liquidator's Remuneration
Outcome
Remuneration of the plaintiff as liquidator to be reviewed under s 504 by a registrar.
Legal Topics
['winding Up' "liquidator's Remuneration" 'creditors Voluntary Winding Up' "court's Power of Review"]
['corporations Law'] ['winding Up' "liquidator's Remuneration" 'creditors Voluntary Winding Up' "court's Power of Review"]

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Procedural Posture

Interlocutory Applications / Application for Review of Liquidator's Remuneration

Legal Issues

  1. 1 ['Whether the court can review and vary remuneration already fixed for a liquidator where all creditors have been paid and the statutory machinery for fixing remuneration has become unworkable']

Ratio Decidendi

The statutory machinery for liquidator's remuneration has not broken down, as the creditors had already fixed remuneration for the period to finalisation. However, the court has the power under s 504 to review and vary remuneration already determined. Evidence indicates additional matters arose not contemplated by the original remuneration resolution, and therefore a review is appropriate.

Court Disposition

Remuneration of the plaintiff as liquidator to be reviewed under s 504 by a registrar.

Orders

  • ["Order for review of liquidator's remuneration as already fixed by resolution on 3 March 2011, pursuant to s 504 of the Corporations Act 2001 as it stood before the Corporations Amendment (Insolvency) Act 2007 (Cth)." 'Referral to registrar for conducting and determining the review.' 'Proceedings listed before...