In the matter of ACN 159 605 188 Pty Limited (in liquidation) (formerly Securimax Pty Limited) [2018] NSWSC 356

Supreme Court New South Wales

Medium Neutral Citation: In the matter of ACN 159 605 188 Pty Limited (in liquidation) (formerly Securimax Pty Limited) [2018] NSWSC 356 Hearing dates: 28 February 2018 Decision date: 20 March 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order that the remuneration of the Defendants for the period between 10 October 2016 and 28 November 2016 be varied from $150,000 plus GST to $120,000 plus GST. Order that the Mr Alan Hayes replace the Defendants as liquidator of the Company. Note the undertaking of the Plaintiff to the Court and to the Defendants, and the undertaking of the Defendants to the Court in accordance with the consent orders provided. Catchwords: CORPORATIONS – external administration – application by creditor under Corporations Act 2001 (Cth) s 449E to review remuneration of administrators – whether principles of proportionality apply to reduce the amount of the administrators' remuneration claimed – whether work performed by administrators was reasonably necessary

CORPORATIONS – external administration – orders sought under Insolvency Practice Schedule (Corporations) ss 90-15(3)(b)-(c) that person cease to be external administrator of a company and that another registered liquidator be appointed as external administrator of the company – where disagreement between major creditor and liquidators of the company – whether replacement of liquidator is in the interests of the liquidation and the creditors Legislation Cited: - Corporations Act 2001 (Cth) ss 439A, 449E, 1581 Cases Cited: - Mohamed v Hurstville Tower Medical Clinic Pty Ltd (in liq) [2006] NSWSC 4 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) [2017] NSWSC 540 - Re Clout (in his capacity as liquidator of Mainz Developments) (in liq) [2016] NSWSC 1146 - Re Idylic Solutions Pty Ltd atf Super Save Superannuation Fund [2016] NSWSC 1292; (2016) 115 ACSR 581 - Re Sakr Nominees Pty Ltd [2017] NSWSC 668 - Royds v Royds, In the Matter of Caloola Holdings Pty Ltd (in liq) [2017] FCA 731 - Sanderson, as liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr [2017] NSWCA 38; (2017) 93 NSWLR 459; (2017) 343 ALR 524; (2017) 118 ACSR 333 - Templeton v Australian Securities and Investments Commission [2015] FCAFC 137; (2015) 108 ACSR 545 - Wenkart v Pantzer [2005] FCA 1572 Category: Principal judgment Parties: Graham Allan Potter (Plaintiff) Domenico Alessandro Calabretta and Grahame Ward (Defendants) Representation: Counsel: R D Marshall SC/H Durack (Plaintiff) S Golledge (Defendants)