Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Lock, in the matter of Cedenco JV Australia Pty Ltd (in liq) (No 3) [2019] FCA 879 File number: SAD 222 of 2015
Judge: BESANKO J
Date of judgment: 12 June 2019
Catchwords: CORPORATIONS — application for determination or fixing of remuneration under s 449E(1)(c) and s 511 of the Corporations Act 2001 (Cth) — where the Australian Securities and Investments Commission intervened in the proceeding pursuant to s 1330 of the Act CORPORATIONS — whether the plaintiffs' remuneration should be further reduced by reference to a specific category of work — where ASIC submits that the amount is no more than a balancing item and is excessive having regard to the nature of the work involved INTEREST — whether the plaintiffs should pay interest on the remuneration to which they are not entitled — whether the Court has the power to award interest under s 23 or s 51A of the Federal Court of Australia Act 1976 (Cth) — consideration of the rate at which interest should be paid COSTS — whether the plaintiffs should pay ASIC's costs of and incidental to the application — where the plaintiffs argued that there should be no order as to costs because ASIC had not succeeded in a number of its objections
Legislation: Corporations Act 2001 (Cth) ss 449E, 473, 511, 1322 Federal Court of Australia Act 1976 (Cth) ss 23, 51A
Cases cited: Anthony Hordern & Sons Ltd v Amalgamated Clothing & Allied Trades Union of Australia [1932] HCA 9; (1932) 47 CLR 1 Australian Securities and Investments Commission v Letten (No 9) [2010] FCA 1459 Jackson v Sterling Industries Ltd [1987] HCA 23; (1987) 162 CLR 612 Korda, In the matter of Clynton Court Pty Ltd [2005] FCA 543; (2005) 53 ACSR 432 Lock, in the matter of Cedenco JV Australia Pty Ltd (in liq)(No 2) [2019] FCA 93 Management 3 Group Pty Ltd (in liq) v Lenny's Commercial Kitchens Pty Ltd (No 2) [2012] FCAFC 92; (2012) 203 FCR 283 Pace v Antlers Pty Ltd (In Liq) (1998) 80 FCR 485 Tonto Homes Loans Australia Pty Ltd v Taveres; FirstMac Ltd v Di Benedetto; FirstMac Ltd v O'Donnell (No 2) [2012] NSWCA 129
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