Raymond Edward Bruce v LM Investment Management Limited

Raymond Edward Bruce, as the court-appointed receiver of the LM Investment Management Limited (LMIM) investment fund, brought an application seeking remuneration for his services in winding up the fund. The case was heard in the Supreme Court of New South Wales. The primary legal issue before the court was the determination of the appropriate remuneration for Mr Bruce's services rendered in the winding-up process, specifically for the period from 1 May 2021 to 31 October 2021.

The court was tasked with assessing the quantum of remuneration to be paid to Mr Bruce, considering the duties he performed during the specified period and the market rates for such services. The court considered the evidence presented by Mr Bruce and the submissions made by the parties. It found that the remuneration requested was reasonable and reflective of the work carried out during the relevant period. Consequently, the court fixed the remuneration of Mr Bruce at $924,169.40, inclusive of GST. Additionally, the court ordered that Mr Bruce's costs of and incidental to this application should be costs in the winding up of the LMIM investment fund to be paid out of the assets of the fund.

In summary, the court determined that Mr Bruce's remuneration for his services in winding up the LMIM investment fund for the period from 1 May 2021 to 31 October 2021 was to be fixed at $924,169.40, inclusive of GST. Furthermore, the court ruled that Mr Bruce's costs of and incidental to this application should be paid out of the assets of the LMIM investment fund.