In the matter of Cannuli Holdings Pty Ltd (in liq) (Court-appointed receiver acting) [2017] NSWSC 1562

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Cannuli Holdings Pty Ltd (in liq) (Court-appointed receiver acting) [2017] NSWSC 1562 Hearing dates: 25 October 2017 Decision date: 17 November 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court approves the Applicant's remuneration in the amount sought and discharges the Applicant as receiver of the First Plaintiff's properties but orders that he is to remain receiver of a controlled monies account pending the determination of a dispute as to the entitlement to the proceeds in that account. Catchwords: CORPORATIONS — Receivers and managers — Appointment by court — Application for approval of remuneration – whether remuneration claimed is fair and reasonable.

CORPORATIONS — Receivers and managers — Appointment by court – Application for discharge – where receiver continues to hold proceeds of receivership – where receiver proposes to hold funds in trust for parties to litigation in which entitlement to those funds is in contest. Legislation Cited: - Corporations Act 2001 (Cth), s 477(2) Cases Cited: - AAA Financial Intelligence Ltd (in liq) (No 2) [2014] NSWSC 1270; (2014) 32 ACLC 14052 - Re Anglican Development Fund Diocese of Bathurst Board (recs and mgrs apptd) [2017] NSWSC 967 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) [2016] NSWSC 357 - Re Stockford Ltd; Korda [2004] FCA 1682; (2004) 140 FCR 424; 52 ACSR 279 - Re Wine National Pty Ltd [2016] NSWSC 4 - Venetian Nominees Pty Ltd v Conlan (1998) 20 WAR 96 Texts Cited: - M Murray and J Harris, Keay's Insolvency (9th ed, 2016) Category: Procedural and other rulings Parties: Cannuli Holdings Pty Ltd (in liq) (Court-appointed receiver acting) (First Plaintiff) Michael John Morris Smith in his capacity as Court-appointed receiver of property known as 7 Old Glenfield Road, Glenfield NSW (Applicant) Cannuli Investments Pty Ltd (First Defendant) Accolade Advisory Pty Ltd (Respondent) Representation: Counsel: A G Martin (Applicant) M Ashhurst SC/M Dolenec (Respondent)