In the matter of Wealth Street Pty Ltd (in liquidation)

In the matter of Wealth Street Pty Ltd, the liquidators applied to the court for a determination of their remuneration. The liquidators had overstated the complexity of the liquidation in their affidavit and failed to adequately explain delays in the winding-up process, which warranted explanation. The onus was on the liquidators to prove that the amount claimed was reasonable remuneration. Given the deficiencies in the liquidator's affidavit, the court found that the amount of remuneration claimed for work relating to these proceedings was unreasonable. The court fixed the remuneration at a lesser sum than that claimed. The court did not consider there to be any question of principle involved.

The court considered the nature and extent of the liquidators' work, the complexity of the liquidation, and the amount of remuneration claimed. The court found that the liquidators had not discharged the onus of proving that the amount claimed was reasonable. The court fixed the remuneration at a lesser sum than that claimed, taking into account the deficiencies in the liquidators' affidavit. The court did not consider there to be any question of principle involved in this case. The liquidators were ordered to pay the costs of the application.