Stephen Richard O’Ryan v Gregory Ray Golding (No.4) [2020] NSWSC 424

Stephen Richard O’Ryan v Gregory Ray Golding (No.4) [2020] NSWSC 424

The affidavit material provided comprehensive information about the work done and the way the remuneration was calculated; it was not suggested that the work was not done, unnecessary, or inappropriately staffed. Having regard to the complexity caused by shareholder disharmony, including the Goldings' lack of cooperation and related litigation, the remuneration claimed was necessary, not excessive, reasonable and proportionate, so the Court determined the claimed remuneration under s 60-10(1)(c) of Schedule 2 of the Corporations Act 2001 (Cth).

Jurisdiction
Australia
Judgment Date
21 April 2020
Procedural Posture
Motion for Determination of Remuneration of Liquidators and Administrators / Written Submissions; Dealt With on the Papers
Outcome
Application granted; remuneration of the liquidators and administrators determined in the amounts claimed.
Legal Topics
['remuneration of Liquidators' 'remuneration of Administrators' 'external Administration' 'proportionality of Remuneration']
['corporations Law' 'insolvency'] ['remuneration of Liquidators' 'remuneration of Administrators' 'external Administration' 'proportionality of Remuneration']

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

Motion for Determination of Remuneration of Liquidators and Administrators / Written Submissions; Dealt With on the Papers

Legal Issues

  1. 1 ['Whether the liquidators of Wentworth Place Pty Ltd were entitled to remuneration for work done for the period 17 September 2019 to 21 February 2020 in the amount of $36,933.' 'Whether the administrators of Wentworth Place Pty Ltd were entitled to remuneration for work done for the period 10 October 2019 to 6 March 2020 in the amount of $72,302.' 'Whether the claimed remuneration was reasonable and proportionate, or should be reduced by 30%.']

Ratio Decidendi

The affidavit material provided comprehensive information about the work done and the way the remuneration was calculated; it was not suggested that the work was not done, unnecessary, or inappropriately staffed. Having regard to the complexity caused by shareholder disharmony, including the Goldings' lack of cooperation and related litigation, the remuneration claimed was necessary, not excessive, reasonable and proportionate, so the Court determined the claimed remuneration under s 60-10(1)(c) of Schedule 2 of the Corporations Act 2001 (Cth).

Court Disposition

Application granted; remuneration of the liquidators and administrators determined in the amounts claimed.

Orders

  • ['Pursuant to s 60-10(1)(c) of Schedule 2 of the Corporations Act 2001 (Cth), the liquidators of the Company are entitled to receive remuneration for work done as liquidators of the Company, for the period 17 September 2019 to 21 February 2020 in the amount of $36,933.' 'Pursuant to s 60-10(1)(c) of Schedule 2 of...