In the matter of Banksia Securities Limited (in liq) (recs and mgrs apptd)

In the matter of Banksia Securities Limited, the court was asked to consider applications for the release and discharge of receivers and managers, as well as the approval of remuneration for the work completed and some further work. The liquidators of the company sought the discharge of the receivers and managers and the approval of their remuneration. The receivers and managers, in turn, sought approval for their remuneration in respect of the work they had completed and for limited further work.

The court was required to decide whether the receivers and managers had completed the substantive work of the receivership, and if so, whether the liquidators' applications for their release and discharge should be approved. The court was also required to decide whether the receivers and managers' applications for remuneration should be approved. Additionally, the court had to determine whether leave was required to bring proceedings against a court-appointed receiver in another court.

The court found that the receivers and managers had completed the substantive work of the receivership, and therefore, the liquidators' applications for their release and discharge should be approved. The court also approved the receivers and managers' applications for remuneration in respect of the work they had completed and for limited further work. The court held that leave was required to commence proceedings against a court-appointed receiver in another court, and declined to grant leave to bring the proposed proceedings.

The court ordered that the receivers and managers be released and discharged, and that their remuneration be approved in the amounts claimed. The court also declined to grant leave to bring proceedings against the receivers and managers in another court.