In the matter of JSMOT Pty Ltd (No 2) [2020] NSWSC 1755

In the matter of JSMOT Pty Ltd (No 2) [2020] NSWSC 1755

The applicant, Mr Pirina, in his capacities as receiver/manager and as liquidator, is entitled to have his reasonable remuneration fixed and paid from the trust assets, as JSMOT became bare trustee upon liquidation and holds no other assets; the amounts sought were reasonable, supported by evidence, not duplicated and not opposed.

Jurisdiction
Australia
Judgment Date
07 December 2020
Procedural Posture
Interlocutory Application / Determination of Application for Fixing Remuneration of Receiver and Liquidator
Outcome
Application granted in part; remuneration amounts fixed and to be paid from trust assets; application for recovery of costs of this application refused.
Legal Topics
['remuneration of Receivers and Liquidators' 'entitlement to Remuneration From Trust Assets' 'liquidation of Trustee Company']
['corporations Law' 'equity' 'trusts and Trusteeship' 'insolvency'] ['remuneration of Receivers and Liquidators' 'entitlement to Remuneration From Trust Assets' 'liquidation of Trustee Company']

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Procedural Posture

Interlocutory Application / Determination of Application for Fixing Remuneration of Receiver and Liquidator

Legal Issues

  1. 1 ['Whether the receiver and liquidator is entitled to be remunerated out of trust assets where the trustee has ceased to be trustee and no replacement has been appointed' 'Whether the claimed remuneration for the receiver and liquidator is reasonable and should be fixed as sought']

Ratio Decidendi

The applicant, Mr Pirina, in his capacities as receiver/manager and as liquidator, is entitled to have his reasonable remuneration fixed and paid from the trust assets, as JSMOT became bare trustee upon liquidation and holds no other assets; the amounts sought were reasonable, supported by evidence, not duplicated and not opposed.

Court Disposition

Application granted in part; remuneration amounts fixed and to be paid from trust assets; application for recovery of costs of this application refused.

Orders

  • ['The remuneration of the Applicant for acting in his capacity as the Receiver and Manager of the assets and undertaking of the JOG Unit Trust for the period 18 April 2020 to 31 October 2020 be fixed by the Court in the amount of $13,075 plus GST.' 'The remuneration of the Applicant for acting in his capacity as the...