In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Others [2018] NSWSC 700

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Others [2018] NSWSC 700 Hearing dates: 24 April 2018 Decision date: 17 May 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Applicants as Court-appointed liquidators are released from their role in respect of the specified unregistered managed investment schemes. Remuneration and prospective remuneration of the Applicants as Court-appointed receivers of assets of Mr Hobbs and Ms Wu are approved, and an order passing their accounts as receivers is made. Remuneration and prospective remuneration of the Applicants as liquidators of the Integrity Scheme are approved. The Applicants are justified in distributing the assets of the receiverships and the Integrity Scheme on a basis which gives first priority to the payment of their remuneration, costs, charges and expenses of and in connection with the receiverships and the winding up of that scheme. Catchwords: CORPORATIONS – unregistered managed investment schemes — where order sought under s 601EE(2) of the Corporations Act 2001 (Cth) for release of Court-appointed liquidators of unregistered managed investment schemes – whether Court should make the orders releasing the Court-appointed liquidators in respect of the specified schemes – where Court-appointed receivers of specified assets sought approval under s 601EE(2) of the Corporations Act for remuneration – whether the Court should approve remuneration and prospective remuneration sought by the liquidators – where liquidators sought directions that they would be justified in distributing assets of scheme on a basis giving liquidators' claims first priority – whether liquidators' claims in respect of their remuneration and costs of and in connection with the winding up of that scheme should be given first priority. Legislation Cited: - Corporations Act 2001 (Cth) ss 424, 425, 473, 480, 481, 601ED, 601EE Cases Cited: - Australian Securities and Investments Commission v Letten (No 9) [2010] FCA 1459 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) [2017] NSWSC 540 - Re Idylic Solutions Pty Ltd — Australian Securities and Investments Commission v Hobbs [2012] NSWSC 1276 - Re Idylic Solutions Pty Ltd Atf Super Save Superannuation Fund [2016] NSWSC 907; (2016) 114 ACSR 230 - Re Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Others [2016] NSWSC 1292; (2016) 115 ACSR 581 - Re Metal Storm Ltd (subject to Deed of Company Arrangement) [2015] NSWSC 1699 - Re RR Impex Pty Ltd (in liq) [2013] NSWSC 1667 - 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 Category: Procedural and other rulings Parties: Barry Anthony Taylor and Andrew Fletcher Needham (Applicants) Representation: Counsel: V Whittaker/J R Anderson (Applicants)