In the matter of Wealth Street Pty Ltd (in liquidation) [2023] NSWSC 1482

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Wealth Street Pty Ltd (in liquidation) [2023] NSWSC 1482 Hearing dates: 18 August 2023 Date of orders: 1 December 2023 Decision date: 01 December 2023 Jurisdiction: Equity - Corporations List Before: Williams J Decision: See below at [114] Catchwords: CORPORATIONS — Winding up — Liquidators — Remuneration — Application for determination by court — Where liquidator's affidavit overstated complexity of the liquidation — Where liquidator's affidavit failed to explain delays in winding up process that called for explanation — Where liquidator failed to discharge onus of proving that amount claimed is reasonable remuneration — Where amount of remuneration claimed for work relating to these proceedings unreasonable given deficiencies in liquidator's affidavit — Remuneration fixed in lesser sum than amount claimed — No question of principle Legislation Cited: Corporations Act 2001 (Cth), s 286, sch 2 ss 60-5, 60-10, 60-10(1)(c), 60-12, 60-12(a)–(l), 90-15 Cases Cited: In the matter of Barokes Pty Ltd (ACN 079 714 579) [2020] VSC 555 In the matter of Fearndale Holdings Pty Ltd (in liq) (recs & mgrs apptd) [2020] NSWSC 901 Sanderson as liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr (2017) 93 NSWLR 459; (2017) 343 ALR 524; (2017) 118 ACSR 333; (2017) 35 ACLC 17-004; (2017) 13 BFRA 1; [2017] NSWCA 38 Texts Cited: N/A Category: Principal judgment Parties: Jason Lloyd Porter in his capacity as liquidator of Wealth Street Pty Ltd (in liquidation) (ACN 136 865 024) (Plaintiff) Wealth Street Pty Ltd (in liquidation) (ACN 136 865 024) (Defendant) Representation: Counsel: Ms K Petch (Plaintiff)