Re Regis Towers Real Estate [2004] NSWSC 1251

Re Regis Towers Real Estate [2004] NSWSC 1251

The Court held that the committee of creditors may approve interim remuneration for the administrator if a resolution is passed by a majority in number and value, after adequate prior written notice of the amount claimed and its calculation is provided.

Parties
Plaintiff: Regis Towers Real Estate Pty Limited (Administrator Appointed)
Jurisdiction
Australia
Judgment Date
14 December 2004
Procedural Posture
Application Under Section 447 a of the Corporations Act 2001 (cth) / Judgment on Application
Outcome
Orders granted as sought, with conditions.
Legal Topics
Voluntary Administration, Fees of Administrator, Committee of Creditors, Court Approval of Remuneration
Corporations Voluntary Administration Fees of Administrator Committee of Creditors Court Approval of Remuneration

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Parties

Regis Towers Real Estate Pty Limited (Administrator Appointed)

Plaintiff

Procedural Posture

Application Under Section 447 a of the Corporations Act 2001 (cth) / Judgment on Application

Legal Issues

  1. 1 Whether the committee of creditors may approve the administrator's remuneration during an adjournment of the second meeting of creditors under certain conditions.

Ratio Decidendi

The Court held that the committee of creditors may approve interim remuneration for the administrator if a resolution is passed by a majority in number and value, after adequate prior written notice of the amount claimed and its calculation is provided.

Court Disposition

Orders granted as sought, with conditions.

Orders

  • Pursuant to section 447A of the Corporations Act 2001 (Cth), Part 5.3A operates such that the administrator is entitled to remuneration approved by a majority in value and number of the committee of creditors, after not less than 7 days prior written notice with details.
  • Leave granted to correct clerical error in previous order.