Westpac Banking Corporation v IFTT Pty Ltd atf the Ireland Family Trust [2022] NSWSC 416

Supreme Court New South Wales

Medium Neutral Citation: Westpac Banking Corporation v IFTT Pty Ltd atf the Ireland Family Trust [2022] NSWSC 416 Hearing dates: On the papers Decision date: 08 April 2022 Jurisdiction: Equity - Expedition List Before: Sackar J Decision: See paras [18] and [19] Catchwords: CORPORATIONS – external administration – application to approve the remuneration of receivers for work already performed – whether remuneration is a fair and reasonable reward for work done in the due course of administration – where remuneration calculated on a time charged basis Legislation Cited: Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Re Banksia Securities Ltd (in liquidation) (receivers and managers appointed) [2017] NSWSC 540 Category: Principal judgment Parties: Westpac Banking Corporation ACN 007 457 141 (plaintiff) IFTT Pty Ltd ACN 637 482 412 as trustee for the Ireland Family Trust ABN 76 470 025 811 (first defendant) Corey Dean Ireland (second defendant) Prudence Jane Ireland (third defendant) Representation: Counsel: Mr B Hancock (plaintiff)

Solicitors: K&L Gates (plaintiff) File Number(s): 2019/404452 Publication restriction: N/A

Judgment 1. The receivers in this matter seek approval from the Court for approval of their remuneration in connection with the affairs of the Defendant. 2. The motion before the court has been filed by the plaintiff and is dated 2 February 2022. By that motion the receivers seek an amount of $740,000 plus GST, being a total of $814,000. 3. The receivers are not parties to the litigation but the plaintiff without demur from any other party has made application on their behalf. 4. The court has received evidence by way of affidavits from William Martin Cowell sworn 2 February 2022 ("Affidavit of Cowell") plus an exhibit, which in turn makes reference to other affidavits of Mr Cowell. The Court has also received written submissions on behalf of the receivers. Apart from the plaintiff no other party has indicated any desire to be heard on the motion.