In the matter of FW Projects Pty Ltd (in liquidation) (receivers appointed) [2024] NSWSC 850

In the matter of FW Projects Pty Ltd (in liquidation) (receivers appointed) [2024] NSWSC 850

The remuneration claimed by the liquidators and receivers is proportionate and reasonable given the complexity of the liquidation and receivership, supported by detailed evidence and lack of opposition from creditors or the shareholder. There is no basis to disallow or reduce the amounts sought.

Parties
Plaintiffs: Trent Andrew Devine and Bradd William Morelli in their capacity as joint and several liquidators of FW Projects Pty Ltd (in liquidation) (receivers appointed) and as joint and several receivers over the assets of the Freshwater Development Trust; Defendant: FW Projects Pty Limited (in liquidation) (receivers appointed)
Jurisdiction
Australia
Judgment Date
03 July 2024
Procedural Posture
Interlocutory Application in Liquidation/receivership / Approval of Remuneration of Receivers and Liquidators
Outcome
Remuneration of receivers and liquidators approved.
Legal Topics
Liquidator Remuneration, Receiver Remuneration, Approval of Remuneration, Proportionality, Complexity of Insolvency Administration
Corporations Law Equity Liquidator Remuneration Receiver Remuneration Approval of Remuneration Proportionality Complexity of Insolvency Administration

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Parties

Trent Andrew Devine and Bradd William Morelli in their capacity as joint and several liquidators of FW Projects Pty Ltd (in liquidation) (receivers appointed) and as joint and several receivers over the assets of the Freshwater Development Trust

Plaintiffs

FW Projects Pty Limited (in liquidation) (receivers appointed)

Defendant

Procedural Posture

Interlocutory Application in Liquidation/receivership / Approval of Remuneration of Receivers and Liquidators

Legal Issues

  1. 1 Whether the remuneration claimed by the liquidators and receivers is proportionate and reasonable having regard to the complexities of the receivership and liquidation
  2. 2 Whether retrospective approval should be given for remuneration drawn on the basis of creditor approval that could not extend to receivership remuneration

Ratio Decidendi

The remuneration claimed by the liquidators and receivers is proportionate and reasonable given the complexity of the liquidation and receivership, supported by detailed evidence and lack of opposition from creditors or the shareholder. There is no basis to disallow or reduce the amounts sought.

Court Disposition

Remuneration of receivers and liquidators approved.

Orders

  • Orders made approving remuneration of receivers and liquidators as sought in orders 1, 2, 3 and 5 in the Interlocutory Process filed 4 June 2024.
  • Liquidators and receivers directed to bring in short minutes of order to give effect to judgment within two business days.