In the matter of Dungowan Manly Pty Limited [2016] NSWSC 1346

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Dungowan Manly Pty Limited [2016] NSWSC 1346 Hearing dates: Monday, 29 August 2016 Date of orders: 02 September 2016 Decision date: 02 September 2016 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: 1. The remuneration of the plaintiffs Simon John Cathro and Christopher Damien Darin as liquidators of Dungowan Manly Pty Limited for the entirety of the liquidation be fixed in the sum of $36,000 inclusive of GST. 2. Leave be reserved to the plaintiffs to apply for further remuneration in the event that they undertake substantial further work not contemplated by the assumptions on which this remuneration has been fixed, and in particular the event that they make substantial recoveries as a result of striking a special levy. Catchwords: CORPORATIONS – winding up – liquidators – liquidators' remuneration – where new liquidators inherited assets recovered by former liquidators at substantial expense – where new liquidators sought legal advice as to whether they were able to strike special levy – where liquidators' work has detracted from value for creditors but still potential for generation of additional value – moderation of liquidators' rates and remuneration Legislation Cited: (CTH) Corporations Act 2001, s 499, s 511(1) Cases Cited: AAA Financial Intelligence Ltd [2014] NSWSC 1004 In the matter of Independent Contractor Services (Aust) Pty Limited ACN 119 186 971(in liquidation) (No 2) [2016] NSWSC 106 Re Universal Distributing Co Ltd (In Liquidation) (1933) 48 CLR 171 Category: Principal judgment Parties: Simon John Cathro (first plaintiff) Christopher Damien Darin (second plaintiff) Patrick David McLaughlin (first defendant) Jennifer Terese McLaughlin (second defendant) Representation: Counsel: D Anderson (plaintiff)(solicitor) P McLaughlin (defendant)(in person)