In the matter of MJM(WA) Enterprises Pty Ltd (in liq) [2018] NSWSC 944

Supreme Court New South Wales

Medium Neutral Citation: In the matter of MJM(WA) Enterprises Pty Ltd (in liq) [2018] NSWSC 944 Hearing dates: 19 March 2018; submissions closed 22 May 2018 Date of orders: 22 June 2018 Decision date: 22 June 2018 Jurisdiction: Common Law Before: Brereton J Decision: Liquidator justified in treating all assets of company as trust assets. Remuneration from trust assets allowed for realising trust assets and for general liquidation work. Question of whether statutory order of priority applies. Adjourned pending special leave application. Catchwords: CORPORATIONS – external administration – winding up – liquidator's application – directions – where company's sole activity as trustee of trust – allowance of remuneration from trust assets – whether statutory order of priority applies in respect of trust assets and trust creditors Legislation Cited: (CTH) Corporations Act 2001, s 556 Cases Cited: Amerind Pty Ltd (Recs And Mgrs Apptd) (In Liq) [2017] VSC 127; (2017) 320 FLR 118 Commonwealth v Byrnes (in their capacity as joint and several receivers and managers of Amerind Pty Ltd (recs and mgrs apptd) (in liq)) [2018] VSCA 41; (2018) 124 ACSR 246 Independent Contractor Services (Aust) Pty Ltd (in Liq) (No 2) [2016] NSWSC 106; (2016) 305 FLR 222 Jones (Liquidator) v Matrix Partners Pty Ltd, Killarnee Civil & Concrete Contractors Pty Ltd (in liq), Re [2018] FCAFC 40 MF Global Ltd (in liq) (No 2), Re [2012] NSWSC 1426 North Food Catering Pty Ltd, Re [2014] NSWSC 77 Woodgate, in the matter of Bell Hire Services Pty Ltd (in liq) [2016] FCA 1583 Category: Principal judgment Parties: Angus Carnegie Gordon (P) Representation: Counsel: R. Lyne (solicitor) (P)