In the matter of Peak Invest Pty Ltd [2022] NSWSC 1288

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Peak Invest Pty Ltd [2022] NSWSC 1288 Hearing dates: 8 and 26 September 2022 Date of orders: 26 September 2022 Decision date: 26 September 2022 Jurisdiction: Equity - Corporations List Before: Williams J Decision: See paragraph [96]-[97], [117]-[122] Catchwords: CONTRACTS – interpretation of commercial contracts – application of established principles to the interpretation of a clause in hotel management agreements entitling the hotel manager to a capital gains bonus fee CORPORATIONS – where sole business of corporations in administration and subsequently liquidation was carried out as trustee of unit trusts – where liquidators were appointed as receivers and managers of trust assets – application by administrators, liquidators and receivers for orders fixing their remuneration – inherent equitable jurisdiction to fix remuneration to be paid out of trust assets Legislation Cited: Corporations Act 2001 (Cth), s 436A Insolvency Practice Schedule (Corporations), s 90-15 Uniform Civil Procedure Rules 2005 (NSW), r 26.4 Cases Cited: Cherry v Steele-Park (2017) 96 NSWLR 548; [2017] NSWCA 295 Codelfa Construction Pty Ltd v State Rail Authority of New South Wales (1982) 149 CLR 337 at 352; [1982] HCA 24 Ecosse Property Holdings Pty Ltd v Gee Dee Nominees Pty Ltd (2017) 261 CLR 544; [2017] HCA 12 Electricity Generation Corporation v Woodside Energy Ltd (2014) 251 CLR 640; [2014] HCA 7 In the matter of BBY Ltd (receivers and mgrs. apptd) (in liq) [2021] NSWSC 1299 In the matter of Peak Invest Pty Ltd (admins apptd); Five Islands Invest Pty Ltd (admins apptd); Surry Hills Pub Invest Pty Ltd (admins apptd) and Four by Four Investments Pty Ltd (admins apptd) [2021] NSWSC 1714 James Adam Pty Ltd v Fobeza Pty Ltd (2020) 103 NSWLR 850; [2020] NSWCA 311 McGrath v Sturesteps (2011) 81 NSWLR 690; [2011] NSWCA 315 Newey v Westpac Banking Corporation [2014] NSWCA 319 Re IMF Global Australia Ltd (in liq) (No. 2) [2012] NSWSC 1426 Re North Food Catering Pty Ltd [2014] NSWSC 77 WIN Corporation Pty Ltd v Nine Network Australis Pty Ltd (2016) 341 ALR 467; [2016] NSWCA 297 Category: Principal judgment Parties: Joseph Hayes & Andrew McCabe in their capacity as joint & several liquidators of Peak Invest Pty Ltd (in liq), Five Islands Invest Pty ltd (in liq), Surry Hills Pub Invest Pty Ltd (in liq) and Four by Four Investments Pty Ltd (in liq) (First Plaintiffs) Peak Invest Pty Ltd (in liq) (Second Plaintiff) Five Islands Invest Pty Ltd (in liq) (Third Plaintiff) Surry Hills Pub Invest Pty Ltd (in liq) (Fourth Plaintiff) Four by Four Investments Pty Ltd (in liq) (Fifth Plaintiff) Batiha Pty Ltd (First Defendant) Blue Onion Capital Pty Ltd (Second Defendant) Strong Run Pty Ltd (Third Defendant) Clear Run Investments Pty Ltd (Fourth Defendant) J&P Marlow No. 2 Pty Ltd (Fifth Defendant) Blue Marlin Enterprises Pty Ltd (Sixth Defendant) Representation: Counsel: D Krochmalik (First to Fifth Plaintiffs) D Weinberger (First to Fourth Defendants) B Katekar SC with M L Rose (Fifth and Sixth Defendants)