In the matter of Banksia Securities Limited (in liquidation) (receivers and managers appointed) [2019] NSWSC 136

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Banksia Securities Limited (in liquidation) (receivers and managers appointed) [2019] NSWSC 136 Hearing dates: 7 February 2019 Decision date: 21 February 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: The remuneration of the special purpose receivers for the period 1 October 2017 to 31 August 2018 is approved and fixed in the sum of $387,852 plus GST. Catchwords: CORPORATIONS – external administration – application to approve the remuneration of special purpose receivers for work already performed –whether the amount of remuneration claimed is reasonable and whether it is to be calculated on a time-charged basis – issues arising from conduct of application in Supreme Court of Victoria in respect of settlement of other proceedings. Legislation Cited: - Corporations Act 2001 (Cth) ss 283F, 283BB, 283HB, 425 - Uniform Civil Procedure Rules 2005 (NSW) r 26.4 Cases Cited: - Ide v Ide [2004] NSWSC 751; (2004) 184 FLR 44 - Mohamed v Hurstville Tower Medical Clinic Pty Ltd (in liq) [2006] NSWSC 4 - Re Anderson Group Pty Ltd; Mann v Anderson [2002] NSWSC 764; (2002) 20 ACLC 1607 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) [2015] NSWSC 1378 - Re Banksia Securities ltd (in liq) (recs and mgrs apptd) [2016] NSWSC 357 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) [2017] NSWSC 540 - Re Banksia Securities Limited (in liq) (recs and mgrs apptd) [2018] NSWSC 229 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) (No 2) [2018] VSC 47 - Re Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund [2016] NSWSC 1292 - Re Say Enterprises Pty Ltd [2018] NSWSC 396 - 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 - Wenkart v Pantzer [2005] FCA 1572 Category: Procedural and other rulings Parties: The Trust Company (Nominees) Limited (Plaintiff) John Ross Lindholm and Peter Damien McCluskey (Special Purpose Receivers) Representation: Counsel: J Redwood (Applicants - Special Purpose Receivers) M Izzo SC/C. Trahanas (Contradictor)