Sampson, in the matter of PWUO Trading Pty Ltd (In Liquidation) (No 2) [2021] FCA 1060

Sampson, in the matter of PWUO Trading Pty Ltd (In Liquidation) (No 2) [2021] FCA 1060

Given the achievement of the receivership's purpose, verified accounting, and lack of opposition or benefit from formal account examination, it is appropriate to discharge the plaintiffs as receivers and managers, dispense with r 14.25 requirements, approve their remuneration, and direct asset distribution per statutory priorities.

Parties
Plaintiff: David Henry Sampson; Plaintiff: David Anthony Hurst; Company: PWUO Trading Pty Ltd (In Liquidation)
Jurisdiction
Australia
Judgment Date
03 September 2021
Procedural Posture
Corporate Insolvency Proceeding / Application for Discharge of Receivers and Managers; Approval of Remuneration
Outcome
Plaintiffs discharged as receivers and managers; remuneration approved; asset distribution directed; compliance with r 14.25 dispensed with; costs to be costs in winding up.
Legal Topics
Receivership, Remuneration of Insolvency Practitioners, Distribution of Trust Assets, Liquidation Procedure
Corporations Law Insolvency Law Receivership Remuneration of Insolvency Practitioners Distribution of Trust Assets Liquidation Procedure

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Parties

David Henry Sampson

Plaintiff

David Anthony Hurst

Plaintiff

PWUO Trading Pty Ltd (In Liquidation)

Company

Procedural Posture

Corporate Insolvency Proceeding / Application for Discharge of Receivers and Managers; Approval of Remuneration

Legal Issues

  1. 1 Whether to discharge plaintiffs as receivers and managers of PWUO Trading Unit Trust assets
  2. 2 Whether to approve remuneration of plaintiffs as receivers and managers
  3. 3 Whether to dispense with compliance with r 14.25 of Federal Court Rules 2011 (Cth)

Ratio Decidendi

Given the achievement of the receivership's purpose, verified accounting, and lack of opposition or benefit from formal account examination, it is appropriate to discharge the plaintiffs as receivers and managers, dispense with r 14.25 requirements, approve their remuneration, and direct asset distribution per statutory priorities.

Court Disposition

Plaintiffs discharged as receivers and managers; remuneration approved; asset distribution directed; compliance with r 14.25 dispensed with; costs to be costs in winding up.

Orders

  • The plaintiffs' remuneration as receivers and managers of PWUO Trading Trust assets determined in the sum of $71,683.
  • The plaintiffs to distribute Trust assets: first in payment of remuneration; then as liquidators of PWUO Trading Pty Ltd (in liquidation) in accordance with Division 6 of Part 5.6 of Corporations Act 2001 (Cth).