In the matter of Karim Pty Ltd (in liq) [2020] NSWSC 1603

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Karim Pty Ltd (in liq) [2020] NSWSC 1603 Hearing dates: 9 November 2020 Decision date: 13 November 2020 Jurisdiction: Equity - Corporations List Before: Black J Decision: Liquidators' remuneration may include amounts referable to work of employees of incorporated entities. Second Defendant to pay costs. Catchwords: CORPORATIONS — Winding up — Liquidators — Remuneration — Remuneration earned by employees of incorporated entities — Whether characterised as liquidators' disbursements or remuneration — Whether Court approval required to derive profit — Whether exception in s 60-20(4A) of IPSC applies Legislation Cited: - Insolvency Practice Schedule (Corporations), ss 60-5, 60-10, 60-20 Cases Cited: - Lucantonio v Benscrape Pty Ltd (No 2) [2020] NSWSC 1114 - Re Bonny Glen Fruits Pty Ltd (prov liq apptd) [2019] NSWSC 1784 - Re JPD Media & Design Pty Ltd (subject to deed of company arrangement) [2020] NSWSC 1311 - Re Shield Mercantile Pty Ltd [2020] NSWSC 1545 - Re Timeshare Resort Club Ltd (in liq) (2010) 187 FCR 13; (2010) 78 ACSR 705; [2010] FCA 67 - Re Trustees Executors and Agency Co Ltd (recs and mgrs apptd) (1984) 9 ACLR 497 - River City Motor Way Pty Ltd (recs and mgrs apptd) v Madden (No 2) [2012] FCA 312 - Venetian Nominees Pty Ltd v Conlan (1998) 16 ACLC 1653 Category: Principal judgment Parties: Vincent Joseph Pirina and Steven Naidenov in their capacity as Liquidators of Karim Pty Limited (in liquidation) (Plaintiffs) Edgar Francis (First Defendant) Kevin Nol (Second Defendant) Representation: Counsel: Mr D Turner (Solicitor) (Plaintiffs) Mr J T Johnson (Second Defendant)