Macquarie Bank Ltd v The Two Eagles Pty Ltd [2014] NSWSC 367

Macquarie Bank Ltd v The Two Eagles Pty Ltd [2014] NSWSC 367

The receiver's remuneration should be paid from the fund as per established equitable principles; the division of the fund should not be by tracing but rather by pro-rata distribution according to each account holder's deficiency, subject to minor adjustments. Leave granted for use of subpoenaed material by Mathew Defendants for specified purposes.

Jurisdiction
Australia
Judgment Date
27 March 2014
Procedural Posture
Interpleader / Interlocutory Applications; Declarations and Orders as to Receiver's Costs and Account Holders' Entitlement to Fund
Outcome
Declarations and orders made as to receiver's costs and account holders' entitlement to fund; leave for use of subpoenaed documents granted.
Legal Topics
['receivers' 'remuneration' 'court Appointed Receiver' 'approval of Remuneration' 'entitlement to Fund' 'subpoena' 'release From Implied Undertaking']
['equity' 'corporations' 'practice and Procedure'] ['receivers' 'remuneration' 'court Appointed Receiver' 'approval of Remuneration' 'entitlement to Fund' 'subpoena' 'release From Implied Undertaking']

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Procedural Posture

Interpleader / Interlocutory Applications; Declarations and Orders as to Receiver's Costs and Account Holders' Entitlement to Fund

Legal Issues

  1. 1 ["Whether receiver's remuneration should be paid from the fund or by the plaintiff" "Proper calculation and approval of receiver's remuneration" 'Basis of entitlement of account holders to the fund' 'Release from implied undertaking for use of subpoenaed documents']

Ratio Decidendi

The receiver's remuneration should be paid from the fund as per established equitable principles; the division of the fund should not be by tracing but rather by pro-rata distribution according to each account holder's deficiency, subject to minor adjustments. Leave granted for use of subpoenaed material by Mathew Defendants for specified purposes.

Court Disposition

Declarations and orders made as to receiver's costs and account holders' entitlement to fund; leave for use of subpoenaed documents granted.

Orders

  • ["Receiver's remuneration approved at specified rates and capped prospectively at $52,500 for future work." "Receiver's remuneration to be paid from the fund." 'Funds with accumulated interest (less applicable fees and charges) to be paid to the Receiver and then apportioned as per annexed schedule.' "Declarations...