In the matter of J & Lee Property Investment Group Pty Limited (in liquidation) [2019] NSWSC 927

Supreme Court New South Wales

Medium Neutral Citation: In the matter of J & Lee Property Investment Group Pty Limited (in liquidation) [2019] NSWSC 927 Hearing dates: 15 July 2019 Decision date: 19 July 2019 Jurisdiction: Equity - Corporations List Before: Rees J Decision: (1) Note the undertaking of Peter Hillig not to take payment from the second plaintiff for remuneration approved by the creditors of the second plaintiff to the extent that the remuneration is in respect of work for which remuneration is approved in Order 2. (2) Approve payment of the receivers' remuneration in the sum of $199,885.68 (inclusive of GST) for the period 16 August 2017 to 30 June 2019. Catchwords: CORPORATIONS — Winding up — Approval of remuneration — Where liquidator appointed as receiver of trust assets — Remuneration in respect of liquidation approved by creditors — Application to approve remuneration in respect of administration of trust assets — Where work apportioned between liquidation and receivership — Time-based approach reasonable having regard to value of assets — Remuneration approved. Legislation Cited: Corporations Act 2001 (Cth), ss 425(8), 459A Uniform Civil Procedure Rules 2005 (NSW), r 26.4 Cases Cited: 13 Coromandel Place Pty Limited v CL Custodians Pty Limited (in liq) (1999) 30 ACSR 377 at 385; [1999] FCA 144 Application of Sutherland (2004) 50 ACSR 297; [2004] NSWSC 798 In the matter of Gondon Five Pty Ltd and Cui Family Asset Management Pty Ltd [2019] NSWSC 469 In the matter of J & Lee Property Investment Group Pty Limited [2017] NSWSC 1115 In the matter of J & Lee Property Investment Group Pty Limited (No 2) [2018] NSWSC 1728 In the matter of J & Lee Property Investment Group (unreported, Supreme Court of New South Wales, Rees J, 25 February 2019) In the matter of Maureen Michael Management Pty Ltd (2005) 55 ACSR 539; [2005] NSWSC 1044 In the matter of Primespace Property Investment Limited (in liq) [2016] NSWSC 1821 In the matter of Sakr Nominees Pty Limited [2017] NSWSC 668 Re Crest Realty Pty Ltd (No 2) (in liq.) [1977] 1 NSWLR 664; (1977) 2 ACLR 502 Sanderson as liquidator of Sakr Nominees Pty Ltd (in liq) v Sakr (2017) 93 NSWLR 459; (2017) 118 ACSR 333; [2017] NSWCA 38 Category: Principal judgment Parties: Peter Hillig as Liquidator of J & Lee Property Investment Group Pty Ltd (In Liquidation) and Peter Hillig and Michael John Morris Smith as joint and several Receivers and Managers of the J & Lee Group Trust (Applicants) New South Wales Crime Commission (First Respondent) Seong Won Lee (Second Respondent) Representation: Counsel: Mr S Golledge (Applicants) No appearance (Respondents)