Australian Securities and Investments Commission v Rowena Nominees Pty Ltd (in Liq) (Receiver and Manager Appointed) (Supervisor Appointed)

The case of Australian Securities and Investments Commission v Rowena Nominees Pty Ltd (in Liq) (Receiver and Manager Appointed) (Supervisor Appointed) [2006] WASC 36 involved an application for the approval of Mark Anthony Conlan's remuneration in his role as liquidator of Rowena Nominees Pty Ltd. The amount claimed by Conlan was $597,968.58 for the period from 21 July 1999 to 31 August 2003. The court had to decide whether the remuneration claimed by Conlan was fair and reasonable, and if so, in what amount. The court considered the nature of the liquidation, the tasks undertaken by Conlan, and the objections raised by the objectors. The court found that Conlan had undertaken his duties with diligence and attention to detail, but also that some of the actions taken by him were of questionable benefit to the creditors. The court adopted a broad-brush approach in assessing the remuneration and determined that an appropriate remuneration for Conlan would be $200,000. The court allowed Conlan nothing for the period he was acting as supervisor and was paid by the Government of Western Australia. The court also found that the costs incurred in preparing accounts for, and dealing with, the probity auditor were not costs properly payable by the creditors. The court approved Conlan's remuneration in the amount of $200,000 and will hear the parties as to the costs of this application and as to the precise form of orders.