In the matter Karim Pty Ltd [2021] NSWSC 141

Supreme Court New South Wales

Medium Neutral Citation: In the matter Karim Pty Ltd [2021] NSWSC 141 Hearing dates: 22 February 2021 Date of orders: 24 February 2021 Decision date: 24 February 2021 Jurisdiction: Equity - Corporations List Before: Williams J Decision: Order that the remuneration of the plaintiffs, as liquidators of Karim Pty Limited (in liq), for the period 4 July 2020 and 27 November 2020 is determined to be $18,000 (plus GST); order that the plaintiffs be granted special leave to distribute the surplus assets of the Company. Catchwords: CORPORATIONS – winding up – application for approval of liquidators remuneration – Insolvency Practice Schedule (Corporations) s 60-10 – whether claim for remuneration reasonable – no issue of principle CORPORATIONS – winding up – distribution of surplus – Corporations Act 2001 (Cth) s 488(2) – grant of special leave to distribute surplus to contributories of the company Legislation Cited: Corporations Act 2001 (Cth), s 488 Corporations Regulations 2001 (Cth), reg 5.6.71 Insolvency Practice Schedule (Corporations), ss 60-5, 60-10 Supreme Court (Corporations) Rules 1999 (NSW), r 7.9 Cases Cited: In the matter of Fearndale Holdings Pty Ltd (admin apptd) (recs & mgrs apptd) [2020] NSWSC 901 In the matter of Karim Pty Limited (in liq) [2020] NSWSC 1678 Re Hawden Property Group Pty ltd (in liq) (2018) 125 ACSR 355 Re John L Norris Holdings Pty Ltd (in liq) [2013] NSWSC 2005 Re Octavia Administration Pty Ltd (in liq) [2020] NSWSC 927 Sanderson as Liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr (2017) 93 NSWLR 459 Category: Principal judgment Parties: Vincent Joseph Pirina in his capacity as liquidator of Karim Pty Ltd (in liq) ACN 147 759 653 (First plaintiff) Steven Naidenov in his capacity as liquidator of Karim Pty Ltd (in liq) ACN 147 759 653 (Second plaintiff) Edgar Francis (First defendant) Kevin Nol (Second defendant) Representation: Counsel: Mr D Turner (Solicitor) (Plaintiffs)