In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors [2023] NSWSC 421

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors [2023] NSWSC 421 Hearing dates: 24 April 2023 Date of orders: 24 April 2023 Decision date: 24 April 2023 Jurisdiction: Equity - Corporations List Before: Hammerschlag CJ in Eq Decision: Orders for ending three receiverships, the winding up and remuneration made. See Short Minutes of Order set out below Catchwords: CORPORATIONS LAW – receivership – winding down – remuneration to liquidators – form of orders Legislation Cited: Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors [2018] NSWSC 700 Category: Principal judgment Parties: Barry Anthony Taylor and Andrew Fletcher Needham in their capacity as liquidators (Applicants) Representation: Counsel: JR Anderson (Applicants)

Solicitors: Maddocks (Applicants) File Number(s): 2007/00258119

ex tempore JUDGMENT (revised) 1. By Interlocutory Process filed on 3 March 2023, the applicants (the liquidators) seek certain orders, the object of which is to bring to an end three receiverships and the winding up of what for shorthand convenience have been referred to respectively as the Integrity Plus Unit Trust and the Master Fund, and to finalise the applicants' entitlement to remuneration. 2. The circumstances which give rise to the application are comprehensively set out in written submissions prepared by counsel for the applicants dated 17 April 2023 which I shall mark MFI-1 and retain with the papers. See In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors [2018] NSWSC 700 per Black J. 3. The application is supported by the following affidavits of one of the liquidators/receivers, Barry Anthony Taylor, dated respectively 28 September 2017, 1 March 2023 and 17 April 2023. 4. I am satisfied that appropriate notice has been given to all those properly entitled to receive it, including the Australian Securities and Investments Commission. No one has appeared to oppose the relief sought. 5. There has been some delay in the bringing of this application but I am satisfied that it is properly explained. 6. I am satisfied that the liquidators have complied with the oft-stated requirements on liquidators and receivers properly to establish the reasonableness of the remuneration they claim. In this case, the time costed approach is appropriate. The liquidators have given a not insignificant discount to their remuneration calculated on a time basis. 7. I am satisfied that the work done was appropriate and that the amounts of remuneration sought are reasonable. 8. I make orders in accordance with the Short Minutes of Order, which I have initialled, dated today's date and placed with the papers.