Australian Securities and Investments Commission v Caddick [2021] FCA 1443

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Caddick [2021] FCA 1443 File number: NSD 1220 of 2020

Judgment of: MARKOVIC J

Date of judgment: 22 November 2021

Catchwords: CORPORATIONS – application for declarations of contravention by defendants of s 911A of the Corporations Act 2001 (Cth) (Corporations Act) – where defendants' contravening conduct established – where utility in making declarations sought – application to appoint interim receivers as receivers of the first defendant's property pursuant to s 1101B of the Corporations Act – whether Court has power to appoint receivers – extent of powers to be exercisable by receivers – where complexities arise from potential premature administration of first defendant's estate through receivership process – application to wind up second defendant pursuant to s 461(1)(k) of the Corporations Act and appoint provisional liquidators as liquidators – where justifiable lack of confidence in the conduct of the second defendant – where breaches of s ‍911A of the Corporations Act established – where second defendant likely insolvent – identity of liquidators to be appointed – where appointment of provisional liquidators as liquidators appropriate in the interests of efficiency – application granted in part CORPORATIONS – application by interim receivers for payment of remuneration – where prior orders of the Court capped the interim receivers' remuneration – where remuneration sought exceeds capped amount – where substantial work had to be undertaken that could not have been reasonably anticipated – where work undertaken by interim receivers reasonably necessary – where work delegated to fee earners at appropriate levels of seniority – where hourly rates applied below prevailing market rates for services of the same type – where costs proportionate to the work undertaken – application granted