In the matter of Banksia Securities Ltd (in liq) (receivers and managers appointed) [2017] NSWSC 540

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Banksia Securities Ltd (in liq) (receivers and managers appointed) [2017] NSWSC 540 Hearing dates: 28 April 2017 Decision date: 05 May 2017 Before: Gleeson JA Decision: (1) That the remuneration of Mr John Ross Lindholm and Mr Peter Damien McCluskey as the special purpose receivers of Banksia Securities Limited (in liq) (recs and mgrs apptd) for the periods referred to below be approved and fixed in the following sums: (a) for the period 6 October 2015 to 31 March 2016 in the sum of $168,442.50 plus GST; (b) for the period 1 April 2016 to 30 September 2016 in the sum of $105,557.50 plus GST; (c) for the period 1 October 2016 to 31 March 2017 in the sum of $123,961 plus GST. (2) That the Special Purpose Receivers' costs of the interlocutory processes filed on 21 March 2017 and 28 April 2017 be costs in the special purpose receivership. Catchwords: CORPORATIONS – external administration – application to approve the remuneration of special purpose receivers for work already performed – where earlier orders of the Court appointing special purpose receivers deferred approval of remuneration – where special purpose receivership involves conduct of three sets of proceedings in Supreme Court of Victoria involving claims in excess of $100 million – whether remuneration is a fair and reasonable reward for work done in the due course of administration – where remuneration calculated on a time charged basis – where remuneration based on percentage of recoveries not appropriate – where committee of inspection approved the remuneration – where ASIC does not appear to make submissions after being given notice of the application. Legislation Cited: Corporations Act 2001 (Cth), ss 283AC, 283DA(f), 283F, 283HB, 425, 425(8), 548, 728, 1041E; Ch 2L Uniform Civil Procedure Rules 2005 (NSW), r 26.4 Cases Cited: Anderson Group Pty Ltd; Mann v Anderson (2002) 20 ACLC 1607; [2002] NSWSC 764 Cape v Redarb Pty Ltd (receiver and manager appointed) (1991) 32 FCR 407 Ide v Ide (2004) 184 FLR 44; [2004] NSWSC 751 Mohamed & Anor v Hurstville Tower Medical Clinic Pty Ltd (in liquidation) & 9 Ors [2006] NSWSC 4 Re Banksia Securities Ltd (in liq) (receivers and managers appointed) [2016] NSWSC 357 Re Banksia Securities Ltd (in liq) (receivers and managers appointed) [2015] NSWSC 1378 Re Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Others [2016] NSWSC 1292 Re Korda, Re Stockford Ltd (2004) 140 FCR 424; [2004] FCA 1682 Sanderson, as liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr [2017] NSWCA 38 Templeton v Australian Securities and Investments Commission (2015) 108 ACSR 545; (2015) FCAFC 137 Wenkart v Pantzer [2005] FCA 1572 Category: Principal judgment Parties: John Ross Lindholm (First Applicant) Peter Damien McCluskey (Second Applicant) Representation: Counsel: RA Dick / PM Bindon (Applicants)