Australian Securities and Investments Commission v Marco (No 15) [2024] FCA 347

Federal Court of Australia Australian Securities and Investments Commission v Marco (No 15) [2024] FCA 347 File number:

Judgment of: FEUTRILL J

Date of judgment: 10 April 2024

Catchwords: CORPORATIONS – former administrators and liquidators' application for determination of remuneration and payment of costs and expenses under s 60-10(1)(c) and s 90-15 of Insolvency Practice Schedule (Corporations) being Sch 2 to the Corporations Act 2001 (Cth) – current liquidators object to claimed remuneration and costs and expenses – where director appointed administrators and proposed deed of company arrangement during pending ASIC proceedings seeking winding up of company for involvement in an unregistered managed investment scheme – where at all times company assets and proposed deed fund assets subject to asset preservation orders and in control of Court appointed interim receivers – where company had no assets and no business in its own right – where investors in scheme contingent creditors of company – whether in the circumstances of the administration all DOCA related work and expenses were necessary and reasonable – consideration of applicable principles PRACTICE AND PROCEURE – application to re-open perfected orders – where orders included declaration of right – where significant delay and no appeal or application for leave to appeal – where judge hearing application not the pronouncing judge – whether orders final or interlocutory – whether orders founded on misapprehension of law – whether discretionary factors favour re-opening – consideration of applicable principles

Australian Securities and Investments Commission Act 2001 (Cth) Pt 3; Div 1; s 13(1) Bankruptcy Act 1966 (Cth) Pt X Corporations Act 2001 (Cth) ss 9, 435A, 435B, 436A, 436B, 436C, 436E, 438A, 438A(b), 438B, 438C, 438D, 438D, 439A, 439A(1)-(8), 439C, 439C(c), 440(1)(a), 440D(1), 440D(1)(a), 443A, 443D, 443E, 443F, 444A, 444A(4), 444B, 444C, 445D(1)(g), 446A, 447A, 461(1)(k), 464, 601EA, 601EB, 601ED(1)(a), 601ED(5), 601EE, 601EE(1), 601EE(2), 601FA, 601FB(1)-(4), 601FC(1), 601FC(1)(a)-(e), 601FC(1)(i)-(k), 601FC(2)-(3), 601FD, 601FE, 601FH, 601GA, 601GB, 601HA, 760, 764A(1)(b), 764A(1)(ba), 911A, 911B, 1581; Ch 5, Ch 5C, Ch 7; Ptt 2D.1, 5.3A, 5C.9, 7.6, 7.7, 7.7A, 7.8, 7.9, 7.9A, 7.10; Divs 3, 6, 7, 8, 9, 10; Sch 2, ss 60-5, 60-5(1), 60-5(2), 6-15, 60-10, 60-10(1)(c), 60-12, 60-12(a), 60-12(b), 60-12(c)-(j), 60-15, 90-15, 90-20 Federal Court of Australia Act 1976 (Cth) ss 24(1A), 37M Legislation: Corporations Regulations 2001 (Cth) reg 10.25.01; Sch 13; Ch 5, Ch 7 Federal Court (Corporations Rules) 2000 Cth) r 9.2 Federal Court Rules 2011 (Cth) rr 39.04, 39.05, 39.05(c) Insolvency Practice Rules (Corporations) 2016 (Cth) rr 75-140, 75-225 Legal Profession Act 2007 (Qld) ss 323, 323(3)(a), 323(3)(c)(ii), 327(1) Trustees Act 1962 (WA) s 92