13 Coromandel Place Pty Ltd v C L Custodians Pty Ltd (in liq) [1999] FCA 144

FEDERAL COURT OF AUSTRALIA

13 Coromandel Place Pty Ltd v C L Custodians Pty Ltd (in liq) [1999] FCA 144

PRACTICE AND PROCEDURE – receiver's remuneration – whether payable out of trust funds under the control of the receiver – whether appointment of receiver by the Supreme Court of Victoria displaces the control of assets by a receiver appointed by the Federal Court

CORPORATIONS – liquidation – remuneration and expenses of provisional liquidator and liquidator – whether payable out of assets held on trust – how liquidator's remuneration and expenses should be borne as between trusts – distinction between expenses incurred by liquidator in winding up and expenses incurred in administering trust property Batten v Wedgwood Coal & Iron Co (1885) 28 Ch D 317, applied Berkeley Applegate (Investment Consultants) Ltd (In Liq), In re [1989] Ch 32, cited Berkeley Applegate (Investment Consultants) Ltd (No 3), Re (1989) 5 BCC 803, cited Bertrand v Davies (1862) 54 ER 1204, applied Boehm v Goodall [1911] 1 Ch 155 applied Burt, Boulton & Hayward v Bull [1895] 1 QB 276, cited Clyne v Commissioner of Taxation (No 7) (1983) 77 FLR 352 cited Cohen v MacDonough [1906] VLR 521 cited Crest Realty Pty Ltd (No 2) (in liq), Re [1977] 1 NSWLR 664, cited Davis v Duke of Marlborough (1819) 36 ER 555, cited Eady v Eady (1895) 16 NSWLR (Eq) 70, applied Enhill Pty Ltd, Re (1982) 7 ACLR 8; [1983] VR 561, cited Evans v Clayhope Properties Ltd [1987] 1 WLR 22, cited Evelyn v Lewis (1844) 67 ER 467, cited G B Nathan & Co Pty Ltd (in liq), Re (1991) 5 ACSR 673, discussed Gardner v London Chatham & Dover Railway Co (No 1) [1867] 2 Ch App 201, cited Johnes v Claughton (1822) 37 ER 966, cited Kizon v Palmer (1997) 72 FCR 409 cited Landmark Corporation Ltd (in liq) [1968] 1 NSWR 705, applied Mellor v Mellor [1992] BCC 513, cited Metropolitan Amalgamated Estates Ltd, In re [1912] 2 Ch 497, cited Octavo Investments Pty Ltd v Knight (1979) 144 CLR 360, cited Owen v Homan (1853) 10 ER 767, cited Tullett v Armstrong (1836) 48 ER 371, cited Pound (Henry), Son & Hutchins, In re (1889) 42 Ch D 402, applied Salt v Cooper (1880) 16 Ch D 544, cited Shirlaw v Taylor (1991) 31 FCR 222, applied Skip v Hardwood (1747) 26 ER 1125, applied Suco Gold Pty Ltd (in liq), Re [1983] 7 ACLR 873, discussed Universal Distributing Co Ltd (in liq), In re (1933) 48 CLR 171, cited Vacuum Oil Co Pty Ltd v Wiltshire (1945) 72 CLR 319, cited 13 COROMANDEL PLACE PTY LTD V CL CUSTODIANS PTY LTD (IN LIQUIDATION) NO VG 3171 OF 1998 JUDGE: FINKELSTEIN J