Pirina, in the matter of Fund Options (Australia) Pty Ltd (in liquidation)

In the matter of Fund Options (Australia) Pty Ltd (in liquidation), the court was asked to consider applications by the liquidators seeking orders for judicial advice and approval of remuneration. The liquidators, Mr Pirina and Mr Iannuzzi, sought orders similar to those made in favour of Mr Iannuzzi as liquidator on 5 December 2018 to clarify their entitlement to rely on directions made under s 90-15 of the Insolvency Practice Schedule (Corporations) and orders regarding remuneration. The court had to decide whether the new liquidators were entitled to rely on the directions made in favour of Mr Iannuzzi and whether they could seek approval for undrawn remuneration.

The court granted the application for orders in the nature of judicial advice and for approval of undrawn remuneration, clarifying that the new liquidators had the benefit of the directions made under s 90-15 of the Insolvency Practice Schedule (Corporations). However, the court refused to ratify the acts undertaken by the new liquidators in reliance on the directions made in favour of Mr Iannuzzi, as the liquidators had not demonstrated sufficient grounds for this. The court found that the liquidators had acted reasonably in seeking judicial advice and in approving their remuneration, and that the orders would facilitate the efficient administration of the liquidation. The court emphasised the importance of ensuring that the liquidators had clear guidance on their duties and the need to maintain transparency and accountability in the liquidation process.