In the matter of PrimeSpace Property Investment Limited (in liquidation) [2019] NSWSC 390

Supreme Court New South Wales

Medium Neutral Citation: In the matter of PrimeSpace Property Investment Limited (in liquidation) [2019] NSWSC 390 Hearing dates: In chambers Decision date: 09 April 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Judicial advice given that the Liquidators are justified in paying their remuneration for the period 1 July 2018 to the completion of the liquidation from funds held by PPIL on trust. Judicial advice given that the Liquidators are justified in distributing funds held by PPIL in its personal capacity to reimburse it, as trustee for PSNT, for amounts that were paid by PPIL as trustee for PSNT, on behalf of PPIL as trustee for PAPF and PSPT3 to the extent that PPIL does not hold sufficient funds on trust for PAPF or PSPT3 to reimburse itself as trustee for PSNT. Catchwords: CORPORATIONS – external administration – application for direction that liquidators of company are justified in acting in accordance with remuneration approvals given by committee of inspection – where remuneration claimed amounts to a large proportion of amounts recovered due to complexity of liquidation – whether liquidators are justified in acting in accordance with remuneration approvals – where company is trustee of a trading trust and has no other activities – whether liquidators should be permitted to recover remuneration from trust assets. Legislation Cited: - Corporations Act 2001 (Cth) ss 479, 511 - Trustee Act 1925 (NSW) s 63 Cases Cited: - Re EMA Consulting Pty Ltd (in liq) [2018] NSWSC 1993 - Re PrimeSpace Property Investment Limited (in liq) [2018] NSWSC 2001 Category: Procedural and other rulings Parties: Shaun Robert Fraser (First Plaintiff) Anthony Gregory McGrath (Second Plaintiff) PrimeSpace Property Investment Limited (Third Plaintiff) IQIT Nominees Pty Ltd as trustee for the IQ Investment Trust (Defendant) Representation: Counsel: V Whittaker SC/J Anderson (Plaintiffs)