Nicobar Pty Ltd v Abrokiss Pty Ltd [2003] NSWSC 1247

Reported Decision : 48 ACSR 259

New South Wales Supreme Court

CITATION : Nicobar Pty Ltd v Abrokiss Pty Ltd [2003] NSWSC 1247 HEARING DATE(S) : 8, 12, 18 December 2003 JUDGMENT DATE : 19 December 2003 JURISDICTION: Equity Division JUDGMENT OF : Young CJ in Eq DECISION : Application dismissed with costs.

CATCHWORDS : CORPORATIONS [195]- Controller- Receivers' fees- Company charge- Application to compel receivers to pay over surplus of collection before their fees fixed- Other secured creditor claiming surplus- Analysis of causes of action. MORTGAGES [6]- Moneys secured- Costs and fees- Normally mortgagee's internal costs of the mortgage not included- Question of construction- Receivers' fees sometimes secured. LEGISLATION CITED : Corporations Act 2001, ss 420A, 423, 425 Artistic Builders Pty Ltd v Elliot and Tuthill (Mortgages) Pty Ltd (2002) 10 BPR 19,565 Austin v Royal (1999) 47 NSWLR 27 Commonwealth Bank of Australia v Butterell (1994) 35 NSWLR 64 Cresvale Far East Ltd v Cresvale Securities Ltd (No 2) (2001) 39 ACSR 622 Drinkwater v Goodwin (1775) 1 Cowp 251; 98 ER 1070 Duggan v Thomas [2002] FCA 830 Equus Financial Services Pty Ltd v RMBL Investments Pty Ltd (1996) 7 BPR 14,996; 22 ACSR 744 Foxcraft v Wood (1828) 4 Russ 487; 38 ER 888 GE Capital Australia v Davis (2002) 11 BPR 20,529 Ghana Commercial Bank v Chandiram [1960] AC 732 Gomba Holdings (UK) Ltd v Minories Finance Ltd (No 2) [1993] Ch 171 CASES CITED : Harris & Lewin Pty Ltd v Harris & Lewin Agents Pty Ltd [1976] ACLC 40-216 Hill v Venning (1979) 4 ACLR 555 Kirwan v Cresvale Far East Ltd (2002) 44 ACSR 21 National Australia Bank Ltd v Composite Buyers Ltd (1991) 6 ACSR 94 Overton Investments Pty Ltd v Cuzeno RVM Pty Ltd [2003] NSWCA 27 Project Research Pty Ltd v Permanent Trustee of Aust Ltd (1990) 5 BPR 11,225 Re Central Commodities Services Pty Ltd [1984] 1 NSWLR 25 Re Wallis (1890) 25 QBD 176 Rottenberg v Monjack [1993] BCLC 374 Sandtara Pty Ltd v Australian European Finance Corp Ltd (1990) 20 NSWLR 82 Shirlaw v Taylor (1991) 31 FCR 222 Tolhurst v Crickett Pty Ltd (2001) 10 BPR 19,087 Touzell v Cawthorn (1995) 18 ACSR 328 Nicobar Pty Limited (P) Abrokiss Pty Limited (D1) PARTIES : Lake Jindabyne Hotel Pty Ltd (D2) Keiran William Hutchison (D3) John Raymond Gibbons (D4) FILE NUMBER(S) : SC 5844/03 COUNSEL : L J Aitken (P) I E Davidson (D3 & 4) SOLICITORS : Landerer & Co (P) Corrs Chambers Westgarth (D3 & 4)