Australian Securities and Investments Commission v Marco (No 7)

In the case of Australian Securities and Investments Commission v Marco (No 7), the Federal Court of Australia was called upon to decide on an application by the Court-appointed receivers for an interim payment of their remuneration, pending a final determination by a registrar. The receivers, who had been working on the case for over 10 months without compensation, sought an interim payment of 85% of the claimed remuneration. The legal issues before the court were whether the receivers were entitled to an interim payment of their remuneration, and if so, whether 85% was the appropriate percentage and if adequate safeguards were in place.

The court found that the receivers had undertaken a substantial amount of work without payment, and the task was complex and ongoing. The court considered the proposed orders and the authorities, concluding that an interim payment was appropriate. The court approved an interim payment of 85% of the claimed remuneration, subject to certain conditions including a requirement to refund any excess amount with interest if the final determination was lower, and the ability to claim any additional amount if the final determination was higher. The court also ordered that a registrar review and fix the remuneration for the period in question, with the possibility of further review by the court.

The court's reasoning was grounded in the need to ensure that the receivers could continue their work without undue delay, while also providing safeguards to protect the interests of the parties involved. The final orders included provisions for the interim payment of remuneration, the review of remuneration by a registrar, and the possibility of further review by the court. The costs of the application were to be borne by the receivership.