In the matter of Primespace Property Investment Limited (in liquidation) [2016] NSWSC 1821

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Primespace Property Investment Limited (in liquidation) [2016] NSWSC 1821 Hearing dates: 17 and 18 November 2016 Decision date: 15 December 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: Parties to bring in orders to give effect to judgment within 7 days. Costs of the Plaintiffs should be costs in the administration and the winding up as applicable. Catchwords: CORPORATIONS — Winding up — Application for directions in respect of administrators' and liquidators' remuneration – where plaintiffs were initially appointed as administrators and then liquidators of company – where plaintiffs sought orders that they be allowed remuneration – where company was trustee and responsible entity of various entities – where some amounts of remuneration claimed could not be attributed with accuracy to specific trusts – whether administrators' and liquidators' remuneration should be paid from trust assets – whether quantum of remuneration claimed should be allowed – whether the remuneration not directly attributable to specific trusts ought to be apportioned equally between relevant trusts – Corporations Act 2001 (Cth) ss 479 and 511 – Trustee Act 1925 (NSW) s 73 – equitable jurisdiction of the Court. Legislation Cited: - Corporations Act 2001 (Cth), ss 439A, 439C, 443A, 473, 479, 504, 511, Pt 5.3A - Trustee Act 1925 (NSW), s 63 Cases Cited: - 13 Coromandel Place Pty Ltd v C L Custodians Pty Ltd (in liq) [1999] FCA 144; (1999) 30 ACSR 377 - Bastion v Gideon Investments Pty Ltd (in liq) [2000] NSWSC 939; (2000) 35 ACSR 466 - Brook v Reed [2011] EWCA Civ 331; [2012] 1 WLR 419 - Coad v Wellness Pursuit Pty Ltd (in liq) [2009] WASCA 68; (2009) 40 WAR 53 - HIH Claims Support Ltd v Insurance Australia Limited [2011] HCA 31; (2011) 244 CLR 72 - Macks v Maka [2015] SASC 200; (2015) 110 ACSR 279 - Re AAA Financial Intelligence Ltd (in liq) (No 2) [2014] NSWSC 1270 - Re AAA Financial Intelligence Ltd (in liq) [2014] NSWSC 1004 - Re Berkeley Applegate (Investment Consultants) Ltd (in liq); Harris v Conway [1989] Ch 32 - Re Clout (in his capacity as liquidator of Mainz Developments Pty Ltd) (in liq) [2016] NSWSC 1146 - Re French Caledonia Travel Service Pty Ltd (in liq) [2003] NSWSC 1008; (2003) 48 ACSR 97 - Re Gramarkerr Pty Ltd (No 2) [2014] NSWSC 1405 - Re Hellion Protection Pty Ltd (in liq) [2014] NSWSC 1299 - Re Idylic Solutions Pty Ltd atf Super Save Superannuation Fund [2016] NSWSC 1292 - Re Independent Contractor Services (Aust) Pty Ltd (in liq) (No 2) [2016] NSWSC 106; (2016) 305 FLR 222 - Re MF Global Australia Ltd (in liq) (No 2) [2012] NSWSC 1426 - Re National Buildplan Group Pty Ltd (subject to deed of company arrangement) [2014] NSWSC 146 - Re North Food Catering Pty Ltd [2014] NSWSC 77 - Re North Food Catering Pty Ltd [2014] NSWSC 77 - Re Sakr Nominees Pty Ltd [2016] NSWSC 709 - Re Stansfield DIY Wealth Pty Ltd (in liq) [2014] NSWSC 1484; (2014) 291 FLR 17 - Re Suco Gold Pty Ltd (in liq) (1983) 7 ACLR 873 - Re Universal Distributing Co Ltd (in liq) [1933] HCA 2; (1933) 48 CLR 171 - Stewart (in his capacity as liquidator of Newtronics Pty Ltd (in liq)) v Atco Controls Pty Ltd (in liq) [2014] HCA 15; (2014) 252 CLR 307 - Templeton v Australian Securities and Investments Commission [2015] FCAFC 137; (2015) 108 ACSR 545 - Thackray v Gunns Plantations Pty Ltd (2011) 85 ACSR 144 - Trio Capital Ltd (Admin App) v ACT Superannuation Management Pty Ltd [2010] NSWSC 941; (2010) 79 ACSR 425 - Warner, Re GTL Tradeup Pty Ltd (in liq) [2015] FCA 323; (2015) 104 ACSR 633 Texts Cited: - ARITA Code of Professional Practice for Insolvency Practitioners (3rd ed, 2014) Category: Procedural and other rulings Parties: Shaun Robert Fraser (First Plaintiff) Anthony Gregory McGrath (Second Plaintiff) Primespace Property Investment Limited (in liquidation) (Third Plaintiff) IQIT Nominees Pty Ltd as trustee of the IQ Investment Trust (Defendant) Representation: Counsel: V Whittaker (Plaintiffs) D R Stack (Defendant)