In the matter of Gondon Five Pty Limited and Cui Family Asset Management Pty Limited [2019] NSWSC 469

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Gondon Five Pty Limited and Cui Family Asset Management Pty Limited [2019] NSWSC 469 Hearing dates: 6 June, 3 July, 7 August, 30 November, 8 December 2017, 28 March 2018; written submissions closed 13 April 2018 Date of orders: 29 April 2019 Decision date: 29 April 2019 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Remuneration of the applicant as receiver of CFAM fixed at $11,000 (GST inclusive); remuneration of the applicant as receiver of Gondon fixed at $33,000 (GST inclusive); applicant would be justified in reimbursing himself in respect of expenses (being the legal costs paid or payable by him in his capacity as Receiver of Gondon to his solicitors Piper Alderman) to the extent of $7,037.42 (GST inclusive); the applicant would be justified in drawing the amount of $51,037.42 from the money remaining in his trust account to the credit of the respondents. Catchwords: CORPORATIONS – external administration – receivers – remuneration – functions and scope of appointment of interim receivers – expenses Legislation Cited: (CTH) Corporations Act 2001, s 420, s 425(8), s 1323 (NSW) Companies (New South Wales) Code, s 573(1) (NSW) Legal Profession Uniform Law, s 170 (NSW) Uniform Civil Procedure Rules 2005, r 26.4 Cases Cited: AAA Financial Intelligence Ltd (in liquidation), In the matter of [2014] NSWSC 1004 AAA Financial Intelligence Ltd (in liquidation), In the matter of (No 2) [2014] NSWSC 1270 Anderson Group, Re (2002) 20 ACLC 1607; [2002] NSWSC 764 Anglican Development Fund Diocese of Bathurst (receivers & managers appointed), In the matter of [2015] NSWSC 440 Australian Securities and Investments Commission v Australian Investors Forum Pty Ltd (2003) 44 ACSR 503; [2003] NSWSC 130 Australian Securities and Investments Commission v Commercial Nominees of Australia Ltd (as trustee for Confidens Investment Trust) (2002) 42 ACSR 240; [2002] NSWSC 576 Australian Securities and Investments Commission v Lawrenson Light Metal Die Casting Pty Ltd (1999) 158 FLR 307; (1999) 33 ACSR 288; [1999] VSC 500 Banksia Securities Ltd (in liq) (receivers and managers appointed), In the matter of [2017] NSWSC 540 Brenner v Rose [1973] 1 WLR 443 Cape v Redarb Pty Ltd (1991) 32 FCR 407 Comyn v Smith (1823) 1 Hog 81 Condor Blanco Mines Ltd (No. 2), In the matter of [2016] NSWSC 1304 Corporate Affairs Commission v Smithson [1984] 3 NSWLR 547 Corporate Affairs Commission v Transphere Pty Ltd (No 2) (1985) 3 ACLC 470 Custom Card (NSW) Pty Limited, Re [1979] 1 NSWLR 241 Deputy Commissioner of Taxation v Starpicket Pty Ltd (No 2) [2013] FCA 699 Duffy v Super Centre Development Corporation Ltd [1967] 1 NSWR 382 GDK Financial Solutions Pty Ltd, In the matter of (2006) 236 ALR 699; [2006] FCA 1415 Glazier Holdings Pty Ltd v Australian Men's Health Pty Ltd (Supreme Court (NSW), Young J, 30 April 1998, unreported BC9801774) Gondon Five Pty Ltd, In the matter of [2016] NSWSC 1401 Gondon Five Pty Ltd, In the matter of [2016] NSWSC 1584 Harold Meggitt Ltd v Discount & Finance Ltd (1938) 56 WN (NSW) 23 Ide v Ide (2004) 184 FLR 44; [2004] NSWSC 751 Idylic Solutions Pty Ltd (as trustee for Super Save Superannuation Fund), In the matter of (2016) 115 ACSR 581; [2016] NSWSC 1292 Interior Marble Pty Ltd v Mondo Stone Pty Ltd [2004] NSWSC 918 Ireland v Eade (1844) 7 Beav 55; 49 ER 983 Korda, Re; in the matter of Stockford Ltd (2004) 140 FCR 424; [2004] FCA 1682 Kraft v Kupferwasser (1991) 23 NSWLR 236 Manchester & Milford Railway Co, Re; Ex parte Cambrian Railway Co (1880)14 Ch D 645 Mariconte v Batiste (2000) 48 NSWLR 724; [2000] NSWSC 288 Marshall v South Staffordshire Tramways Co [1895] 2 Ch 36 Merchant Nurseries Pty Ltd, Re; Corporate Affairs Commission (SA) v Rowley (1985) 10 ACLR 143 Mirror Group Newspapers plc v Maxwell (No 2) [1998] 1 BCLC 638 Mohamed v Hurstville Tower Medical Clinic Pty Ltd (in liquidation) [2006] NSWSC 4 Nangel v Lord Fingal (1824) 1 Hog 142 National Trustees Executors & Agency Co of Australasia Ltd v Barnes (1941) 64 CLR 268; [1941] HCA 3 Newdigate Colliery Ltd, Re [1912] 1 Ch 468 Parker v Dunn (1845) 8 Beav 497; 50 ER 195 Price v Price (1904) 29 VLR 719 Rondahl, Re; Henderson v Executor Trustee Australia Ltd (2005) 93 SASR 337; (2005) 226 ALR 475; [2005] SASC 477 Sakr Nominees Pty Ltd, In the matter of [2017] NSWSC 668 Sakr Nominees Pty Ltd, In the matter of [2016] NSWSC 709 Sanderson as Liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr (2017) 93 NSWLR 459; (2017) 343 ALR 524; [2017] NSWCA 38 Say Enterprises Pty Ltd, In the matter of [2018] NSWSC 396 Souster v Carman Construction Co Limited [2000] BPIR 371 Templeton v Australian Securities and Investments Commission (2015) 108 ACSR 545; [2015] FCAFC 137 Timeshare Resort Club Ltd (in liq), Re (2010) 187 FCR 13; [2010] FCA 673 Universal Distributing Co Ltd (in liq), Re (1933) 48 CLR 171; [1933] HCA 2 Venetian Nominees Pty Ltd v Conlan (1998) 20 WAR 96 Warner, in the matter of GTL Tradeup Pty Ltd (in liq) (2015) 104 ACSR 633; [2015] FCA 323 Wenkart v Pantzer (2005) 223 ALR 384; [2005] FCA 1572 Windschuegl v Irish Polishes Ltd [1914] 1 Ir R 33 Wine National Pty Ltd, In the matter of [2016] NSWSC 4 Yunghanns v Candoora No 19 Pty Ltd [2000] VSC 387 Texts Cited: Daniell's Chancery Practice (7th ed, 1901, Stevens & Sons) O'Donovan J, LBC Information Services, Company Receivers and Administrators Walton R, Kerr on the Law and Practice as to Receivers and Administrators (17th ed, 1989, Sweet & Maxwell) Category: Principal judgment Parties: Tracy Cui (Plaintiff) Cui Family Asset Management Pty Limited (First Defendant / First Respondent) Gondon Five Pty Limited (Second Defendant / Second Respondent) Jinsong Cui (Third Defendant) Dominic Calabretta (Applicant) Representation: Counsel: V Whittaker w L Hulmes (Applicant) D R Pritchard SC w L Chapman (Respondents)