Jennifer Helen Papadam v Smidam Pty Limited [2022] NSWSC 629

Jennifer Helen Papadam v Smidam Pty Limited [2022] NSWSC 629

The receiver's remuneration cap was increased to a reasonable sum based on detailed time records and industry rates. The application to wind up the company was refused because the trustee's powers may have ceased upon the receiver's appointment and, if not, winding up would render the company a disqualified person unable to validly wind up the fund. The receiver was excused from further rectification orders pending further applications.

Jurisdiction
Australia
Judgment Date
18 May 2022
Procedural Posture
Corporations / Equity (receivership Application) / Interlocutory Application and Procedural Orders
Outcome
Partial grant: receiver remuneration increased; excused from further compliance with rectification orders; winding up application dismissed; costs reserved.
Legal Topics
['receivership Remuneration' 'court Appointed Receiver' 'self Managed Superannuation Fund' 'winding Up Application' 'trustee Disqualification']
['corporations' 'equity' 'superannuation'] ['receivership Remuneration' 'court Appointed Receiver' 'self Managed Superannuation Fund' 'winding Up Application' 'trustee Disqualification']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations / Equity (receivership Application) / Interlocutory Application and Procedural Orders

Legal Issues

  1. 1 ["Whether the receiver's remuneration cap should be increased" 'Whether the receiver should be excused from further compliance with rectification orders' 'Whether the company as trustee can be wound up under Corporations Act' 'Whether a winding up order would result in trustee disqualification under SIS Act']

Ratio Decidendi

The receiver's remuneration cap was increased to a reasonable sum based on detailed time records and industry rates. The application to wind up the company was refused because the trustee's powers may have ceased upon the receiver's appointment and, if not, winding up would render the company a disqualified person unable to validly wind up the fund. The receiver was excused from further rectification orders pending further applications.

Court Disposition

Partial grant: receiver remuneration increased; excused from further compliance with rectification orders; winding up application dismissed; costs reserved.

Orders

  • ["Order varying order 7(b) made on 21 May 2020 to increase cap for receiver's remuneration to $110,749.38." 'Order excusing Daniel John Frisken from further compliance with order 4 made on 21 May 2020, pending further order.' 'Notice of motion filed 1 March 2020 otherwise dismissed.' 'Further applications for...