In the matter of Houben Marine Pty Ltd (in liq) [2018] NSWSC 745

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Houben Marine Pty Ltd (in liq) [2018] NSWSC 745 Hearing dates: 14 May 2018 Decision date: 24 May 2018 Before: Gleeson JA Decision: (1) The applicant, Mr Richard Rowley, be allowed remuneration in respect of the administration of the C & D Operating Trust from the trust assets in the sum of $22,386.65 (including GST);

(2) The applicant's costs in the sum of $4,327.94 (including GST) be paid out of the trust assets;

(3) The applicant, as liquidator of Houben Marine Pty Ltd, would be justified in distributing the assets of the C & D Operating Trust as follows:

(a) first, as to $4,327.94, in payment of the applicant's costs in accordance with order 2. (b) second, as to $2,134.50 in recoupment of his expenses in respect of Mr Peter Fritzkowski and National Australia Bank Limited;

(c) third, as to $22,386.65, in payment of his remuneration and GST in accordance with order 1. Catchwords: CORPORATIONS – winding up – approval of liquidators remuneration – where sole activities of the company were as trustee of a trading trust – where company did not hold any assets other than trust property – whether the liquidator's remuneration is reasonable – whether reasonable for the liquidator to pay certain expenses using trust assets – whether liquidator's remuneration and costs of application should be paid from trust assets in priority to the trust's creditors Legislation Cited: Corporations Act 2001 (Cth), ss 473, 1581 Cases Cited: Alphena Pty Ltd (in liq) v PS Securities Pty Ltd (ACN 141 021 445) (as trustee of the Joseph Family Trust) [2013] NSWSC 447; (2013) 94 ACSR 160 Apostolou (as trustee of the Vasiliou Family Trust) v VA Corporation of Australia Pty Ltd [2010] FCA 64; (2010) 77 ACSR 84 Bastion v Gideon Investments Pty Ltd (in liq) (2000) 35 ACSR 466 Commonwealth of Australia v Byrnes & Hewitt (in their capacity as joint and several receivers and managers of Amerind Pty Ltd (Recs & Mgrs Apptd) (in liq) [2018] VSCA 41; (2018) 124 ACSR 246 Corumo Holdings Pty Ltd v C Itoh Ltd (1991) 24 NSWLR 370 Grime Carter & Co Pty Ltd v Whytes Furniture (Dubbo) Pty Ltd (1983) 7 ACLR 540 Jones (Liquidator) v Matrix Partners Pty Ltd, In the matter of Killarnee Civil & Concrete Contractors Pty Ltd (in liq) [2018] FCAFC 40 Lemery Holdings Pty Ltd v Reliance Financial Services Pty Ltd (2008) 74 NSWLR 550 Re Banksia Securities Ltd (in liq) (receivers and managers appointed) [2017] NSWSC 540 Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 Re French Caledonia Travel Service Pty Ltd (in liq) (2003) 59 NSWLR 361 Re Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Others [2016] NSWSC 1292 Re Independent Contractor Services (Aust) Pty Ltd ACN 119 186 971 (in liq) (No 2) [2016] NSWSC 106 Re MF Global Australia Limited (in liq) (No 2) [2012] NSWSC 1426 Re MINMXT Holdings Pty Ltd (in liq) [2017] NSWSC 156 Re North Food Catering Pty Ltd [2014] NSWSC 77 Re Octaviar Ltd (in liq) [2016] NSWSC 16 Re Suco Gold Pty Ltd (in liq) (1993) 33 SASR 99 Re Sutherland [2004] NSWSC 798 Re Universal Distributing Co Ltd (in liq) (1993) 48 CLR 171 Sanderson, as liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr [2017] NSWCA 38 Stewart v Atco Controls Pty Ltd (in liq) (2014) 252 CLR 307; [2014] HCA 15 Templeton v Australian Securities and Investments Commission [2015] FCAFC 137; (2015) 108 ACSR 545 Woodgate, in the matter of Bell Hire Services Pty Ltd (in liq) [2016] FCA 1583 Texts Cited: JD Heydon and MJ Leeming, Jacobs' Law of Trusts in Australia (8th ed, 2016, LexisNexis Butterworths) Category: Principal judgment Parties: Workers Compensation Nominal Insurer (Applicant) Houben Marine Pty Ltd (in liquidation) (Defendant) Representation: Counsel: Mr A Blackie (Solicitor) (Applicant-Liquidator)