In the matter of AAA Financial Intelligence Ltd (in liquidation) ACN 093 616 445 (No 2) [2014] NSWSC 1270

Supreme Court New South Wales

Medium Neutral Citation: In the matter of AAA Financial Intelligence Ltd (in liquidation) ACN 093 616 445 (No 2) [2014] NSWSC 1270 Hearing dates: Monday, 1 September 2014 Decision date: 17 September 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: The liquidators would be justified in distributing the Stockbroker Funds pari passu among those Stockbrokers whom they are satisfied have a proprietary claim against those funds; and in distributing the Adviser Funds, as to $26,702.18, in payment of their costs of these proceedings; as to $51,593, in recoupment of their expenses; as to $36,000, in payment of their remuneration; and as to the balance, pari passu among those Advisers whom they are satisfied have a proprietary claim against those funds Catchwords: CORPORATIONS - External administration - winding up - liquidator's applications - application for directions - liquidator's remuneration - whether entitled to remuneration out of assets held by company on trust - whether disbursements justified - fixing remuneration - whether time-cost basis appropriate held, time-cost is but one factor and neither dominant factor nor default position Legislation Cited: (CTH) Corporations Act 2001, s 473(10), s 499, s 504(2), s 511 (CTH) Bankruptcy Act 1966, s 162(2) (CTH) Bankruptcy Regulations 1996, reg 8.07 (NSW) Trustee Act 1925, s 63 (VIC) Trustee Companies Act 1984, s 21 Cases Cited: Alphena Pty Ltd v PS Securities Pty Ltd [2013] NSWSC 447; (2013) 94 ACSR 160 Conlan v Adams [2008] WASCA 61; (2008) 65 ACSR 521 In the matter of AAA Financial Intelligence Ltd (in liquidation) ACN 093 616 445 [2014] NSWSC 1004 Kirchoff v Flynn (1986) 786 F 2d 320 Mirror Group Newspapers plc v Maxwell (No 2) [1998] 1 BCLC 638 Re Anderson Group Pty Ltd [2002] NSWSC 764; (2002) 20 ACLC 1607 Re Carton Ltd (1923) 39 TLR 194 Re Stockford Ltd; Korda [2004] FCA 1682; (2004) 52 ACSR 279 Re Sutherland; French Caledonia Travel Service Pty Ltd (2003) 59 NSWLR 361 Re Universal Distributing Co Ltd (in liq) (1933) 48 CLR 171 Re Wm Rose & Co Ltd (1897) 3 ALR (CN) 65 Venetian Nominees Pty Ltd v Conlan (1998) 20 WAR 96 Category: Principal judgment Parties: Bradley John Tonks and John Vouris in their capacity as liquidators of AAA Financial Intelligence Ltd (plaintiffs) Representation: Counsel: D L Cook (plaintiffs) Solicitors: Norton Rose Fulbright Australia (plaintiffs) File Number(s): 2014/200292