Australian Executor Trustees Limited v Provident Capital Limited (Receivers and Managers Appointed) (In Liq) (No 2) [2018] FCA 1969

FEDERAL COURT OF AUSTRALIA

Australian Executor Trustees Limited v Provident Capital Limited (Receivers and Managers Appointed) (In Liq) (No 2) [2018] FCA 1969 File number: NSD 808 of 2012

Judge: RARES J

Date of judgment: 27 November 2018

Legislation: Corporations Act 2001 (Cth) s 425

Cases cited: Australian Executor Trustees Limited v Provident Capital Limited (2018) 125 ACSR 133

Date of hearing: 13 and 27 November 2018

Registry: New South Wales

Division: General Division

National Practice Area: Commercial and Corporations

Sub-area: Corporations and Corporate Insolvency

Category: No Catchwords

Number of paragraphs: 16

Counsel for the Applicant: Mr J Hynes

Solicitor for the Applicant: Norton Rose Fulbright

ORDERS NSD 808 of 2012

BETWEEN: AUSTRALIAN EXECUTOR TRUSTEES LIMITED Applicant

AND: PROVIDENT CAPITAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) ( IN LIQUIDATION) Respondent

JUDGE: RARES J DATE OF ORDER: 27 NOVEMBER 2018

THE COURT ORDERS THAT:

1. Pursuant to s 425 of the Corporations Act 2001 (Cth), the remuneration of the receivers of Provident Capital Limited (receivers appointed) (in liquidation) ACN 082 735 573 (Provident) for the period 1 October 2016 to 30 April 2018 be fixed in the sum of $669,501.81 (excluding GST). 2. The remuneration as fixed in accordance with Order 1 be paid as a cost of the receivership of Provident and from the assets of Provident. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.

REASONS FOR JUDGMENT

RARES J: 1 On 3 April 2018, I made orders approving remuneration for the receivers of Provident Capital Limited (receivers and managers appointed) (in liq), for the period 1 April 2014 to 30 September 2016, and gave reasons for ordering, pursuant to s 425 of the Corporations Act 2001 (Cth), that the receivers' remuneration be fixed in the sum of $3,437,933.20, excluding GST: Australian Executor Trustees Limited v Provident Capital Limited (2018) 125 ACSR 133. 2 The receivers have now applied for their remuneration to be fixed in the sum of $669,501.81, excluding GST, for the 19-month period between 1 October 2016 and 30 April 2018. Christopher Hill, one of the two current receivers, together with Kenneth Whittingham, has sworn affidavits in support of the current application and drawn on previous applications for the general background and description of the work involved in the receivership.