In the matter of Aberdeen All Farm Pty Ltd (in liquidation) [2020] NSWSC 770

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Aberdeen All Farm Pty Ltd (in liquidation) [2020] NSWSC 770 Hearing dates: 26 May 2020 Decision date: 19 June 2020 Jurisdiction: Equity - Corporations List Before: Black J Decision: Liquidator's remuneration approved. Declaration that the trust property is charged with payment of Liquidator's remuneration and disbursements for actions in respect of the trust property, as well as for part of the general liquidation costs and expenses. Parties to bring in short minutes of order giving effect to judgment within 7 days. Catchwords: CORPORATIONS — Winding up — Liquidators — Remuneration — Reasonableness of Liquidator's remuneration

CORPORATIONS — Winding up — Liquidators — Remuneration — Whether Liquidator for corporate trustee may charge remuneration and expenses against trust property — Where Liquidator's remuneration and disbursements for investigation, care and preservation of trust property — Where identity of trust and beneficiaries were in dispute and required Liquidator to take steps — Liquidator's remuneration and disbursements for general liquidation activities — Where Liquidator's remuneration for general liquidation activities could not be met from assets outside trust — Whether Liquidator appointed receiver over trust property subject to charge Legislation Cited: - Corporations Act 2001 (Cth) Sch 2, ss 60-5, 60-12 - Supreme Court Act 1970 (NSW), s 67 - Supreme Court (Corporations) Rules Cases Cited: - 13 Coromandel Place Pty Ltd v CL Custodians Pty Ltd (in liq) [1999] FCA 144; (1999) 30 ACSR 377 - ASIC v Prime Life Corporation Ltd [2007] FCA 1874 - Bastion v Gideon Investments Pty Ltd (in liq) [200] NSWSC 939; (2000) 35 ACSR 466 - Harris v Conway [1989] Ch 32 - Kerr, Re Angel's Castle Pre-School Pty Ltd (in liq) [2010] FCA 786 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) [2017] NSWSC 540 - Re Banksia Securities Limited (in liq) (recs and mgrs apptd) [2018] NSWSC 229 - Re Business Aptitude Pty Ltd (in liq) [2016] FCA 1438 - Re Dungowan Manly [2015] NSWSC 491; (2015) 105 ACSR 648 - Re French Caledonia Travel Service Pty Ltd (in liq) [2003] NSWSC 1008; (2003) 48 ACSR 97 - Re Gramarker Pty Ltd; Clifford Sanderson (as liquidator of Gramarker Pty Ltd) v Simon Kerr [2014] NSWSC 243 - Re Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund [2016] NSWSC 1292 - Re Independent Contractor Services (Aust) Pty Ltd (in liq) (No 2) [2016] NSWSC 106 - Re Maureen Michael Management Pty Ltd [2005] NSWSC 1044; (2005) 55 ACSR 539 - Re National Buildplan Group Pty Ltd (subject to deed of company arrangement) [2014] NSWSC 146 - Re North Food Catering Pty Ltd [2014] NSWSC 77 - Re Primespace Property Investment Limited (in liq) [2016] NSWSC 1821 - Re Sakr Nominees Pty Ltd [2017] NSWSC 668 - Re Stansfield DIY Wealth Pty Ltd (in liq) [2014] NSWSC 1484 ; (2013) 103 ACSR 401 - Sanderson, as liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr [2017] NSWCA 38; (2017) 118 ACSR 333 - Shirlaw v Taylor (1991) 31 FCR 222 - Templeton v ASIC [2015] FCAFC 137; (2015) 108 ACSR 545 - Westpac Banking Corporation v ITS Taxation Services Pty Ltd [2004] NSWSC 50; (2004) 183 FLR 273; (2004) 22 ACLC 229 Category: Procedural and other rulings Parties: Michael John Morris Smith in his capacity as liquidator of Aberdeen All Farm Pty Ltd (in liquidation) (First Applicant) Aberdeen All Farm Pty Ltd (in liquidation) (Second Applicant) Barry James McWhinney (First Respondent) Representation: Counsel: S Golledge SC/F Tao (Applicants) M E Luitingh (First Respondent)