Australian Securities and Investments Commission v Marco (No 7)

The case of Australian Securities and Investments Commission v Marco (No 7) involved the Federal Court of Australia, where the plaintiff, the Australian Securities and Investments Commission, sought interim payment of remuneration for the court-appointed receivers. The dispute arose due to the receivers not having been remunerated for their work, which had commenced more than 10 months prior. The court was required to decide on the appropriateness of an interim payment of remuneration and the percentage that should be paid, ensuring it was subject to appropriate safeguards.

The legal issues the court needed to address were whether the receivers were entitled to an interim payment of their remuneration and if 85% was the appropriate percentage. The court examined the complexity and ongoing nature of the receivership task, as well as the historical context of similar cases. The court determined that an interim payment was appropriate given the substantial amount of work completed without remuneration and the uncertain timeline for a final remuneration determination by the registrar.

In its reasoning, the court found that 85% of the claimed remuneration was appropriate for interim payment, considering the safeguards provided by the receivers' proposed orders and relevant legal authorities. The court approved the payment of 85% of the claimed remuneration for the receivers and interim receivers, subject to certain conditions, including the requirement for a refund of any excess amount paid, along with interest, if the final determination was lower. Additionally, the court mandated that if the final determination allowed for a greater recovery, the receivers could draw down the additional amount. The court concluded that these measures provided sufficient safeguards for the interim payment. The orders made on 19 April 2021 accordingly approved the interim payment of 85% of the claimed remuneration.