In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors

[2023] NSWSC 421

Supreme Court

New South Wales

Medium Neutral Citation:

In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors [2023] NSWSC 421

Hearing dates:

24 April 2023

Date of orders:

24 April 2023

Decision date:

24 April 2023

Jurisdiction:

Equity - Corporations List

Before:

Hammerschlag CJ in Eq

Decision:

Orders for ending three receiverships, the winding up and remuneration made. See Short Minutes of Order set out below

Catchwords:

CORPORATIONS LAW – receivership – winding down – remuneration to liquidators – form of orders

Legislation Cited:

Corporations Act2001 (Cth)

Uniform Civil Procedure Rules 2005 (NSW)

Cases Cited:

In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors [2018] NSWSC 700

Category:

Principal judgment

Parties:

Barry Anthony Taylor and Andrew Fletcher Needham in their capacity as liquidators (Applicants)

Representation:

Counsel:
JR Anderson (Applicants)

Solicitors:
Maddocks (Applicants)

File Number(s):

2007/00258119

ex tempore JUDGMENT (revised)

1. By Interlocutory Process filed on 3 March 2023, the applicants (the liquidators) seek certain orders, the object of which is to bring to an end three receiverships and the winding up of what for shorthand convenience have been referred to respectively as the Integrity Plus Unit Trust and the Master Fund, and to finalise the applicants’ entitlement to remuneration.

2. The circumstances which give rise to the application are comprehensively set out in written submissions prepared by counsel for the applicants dated 17 April 2023 which I shall mark MFI-1 and retain with the papers. See In the matter of Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Ors [2018] NSWSC 700 per Black J.

3. The application is supported by the following affidavits of one of the liquidators/receivers, Barry Anthony Taylor, dated respectively 28 September 2017, 1 March 2023 and 17 April 2023.

4. I am satisfied that appropriate notice has been given to all those properly entitled to receive it, including the Australian Securities and Investments Commission. No one has appeared to oppose the relief sought.

5. There has been some delay in the bringing of this application but I am satisfied that it is properly explained.

6. I am satisfied that the liquidators have complied with the oft-stated requirements on liquidators and receivers properly to establish the reasonableness of the remuneration they claim. In this case, the time costed approach is appropriate. The liquidators have given a not insignificant discount to their remuneration calculated on a time basis.

7. I am satisfied that the work done was appropriate and that the amounts of remuneration sought are reasonable.

8. I make orders in accordance with the Short Minutes of Order, which I have initialled, dated today’s date and placed with the papers.

SHORT MINUTES OF ORDER

Remuneration approvals

1. Pursuant to section 601EE(2) of the Corporations Act2001 (Cth) (Act) and rule 26.5 of the Uniform Civil Procedure Rules2005 (NSW) (UCPR), the remuneration of Barry Anthony Taylor as the Receiver of the property of David Hobbs (Hobbs Receivership) be approved in the amount of $10,397.00 plus GST in the amount of $1,039.70 for the period 20 September 2017 to 30 September 2022.

2. Pursuant to section 601EE(2) of the Act, the remuneration of Barry Anthony Taylor as liquidator of the Master Fund be approved in the amount of $3,139.62 plus GST in the amount of $313.96 for the period 30 April 2016 to 30 September 2022.

3. Pursuant to section 425 of the Act and rule 26.5 of the UCPR, the prospective remuneration of Barry Anthony Taylor as the Receiver of the Hobbs Receivership be approved in the amount of $3,500.00 plus GST in the amount of $350.00 for the period 1 October 2022 to the finalisation of the receivership.

Directions as to payment of surplus and priority

4. Pursuant to section 424 of the Act, the Applicants would be justified in paying any amounts in relation to their remuneration in priority to any payments or distributions in relation to the Hobbs Receivership as contemplated by the direction in paragraph 5, below.

5. Pursuant to section 424 of the Act, the Applicants would be justified in paying any amounts remaining in the Hobbs Receivership after payment of their remuneration to the Australian Securities and Investments Commission.

Passing of receivership accounts

6. Pursuant to rule 26.4 of the UCPR, the accounts of the applicants for:

1. the Hobbs Receivership; and

2. the receivership of the property of Hui Min (Nancy) Wu,

for the period 20 September 2017 to 17 April 2023 be passed.

Release of the applicants

7. Pursuant to section 601EE(2) of the Act, Barry Anthony Taylor and Andrew Fletcher Needham be released of their duties as Liquidators of the Integrity Plus Unit Trust with effect from the day that is 30 days after the date of these orders.

8. Pursuant to section 1101B(11) and/or 1325(5) of the Act, order 38 of the orders made in these proceedings on 21 February 2013 be discharged with effect from the day that is 30 days after the date of these orders.

9. Pursuant to section 601EE(2) of the Act, Barry Anthony Taylor be released of his duty as Liquidator of the Master Fund with effect from the day that is 30 days after the date of these orders.

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