Re Pancon Pty Ltd

[2024] VSC 299

IN THE SUPREME COURT OF VICTORIA Not Restricted

AT MELBOURNE

COMMERCIAL COURT

CORPORATIONS LIST

S ECI 2022 00228

IN THE MATTER of PANCON PTY LTD (ACN 055 961 665)

BETWEEN:

MARINA RITA BARRY & ANOR (according to the attached Schedule)	Plaintiffs
v
FERDINANDO ANTHONY URSINI & ORS (according to the attached Schedule)	Defendants

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JUDICIAL REGISTRAR:	Gitsham JR
WHERE HELD:	Melbourne
DATE OF HEARING:	16 June 2023
DATE OF RULING:	27 February 2024
CASE MAY BE CITED AS:	Re Pancon Pty Ltd
MEDIUM NEUTRAL CITATION:	[2024] VSC 299

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CORPORATIONS – Court-appointed receivers – Application for approval of remuneration – Prima facie case for remuneration established – Objections to remuneration considered – Remuneration approved.

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APPEARANCES:	Counsel	Solicitors
For the First Plaintiff	Mr T Prudden	Danaher Moulton
For the First Defendant	Self-represented
For the Receivers	Mr H Forrester	Mansour Lawyers

TABLE OF CONTENTS

Introduction........................................................................................................................................ 3

Legal principles.................................................................................................................................. 4

Relevant facts...................................................................................................................................... 5

The scope of the Receivers’ Court appointment....................................................................... 6

Significance of the Banner Receiver and associated litigation............................................... 8

The entities covered by the appointment and their operations........................................... 11

Matters covered by the First Report......................................................................................... 17

Matters covered by the Second Report.................................................................................... 18

Financial position of the Ursini Group and Massoni Wines Group.................................... 19

Have the Receivers demonstrated that the remuneration claimed is fair and reasonable? 21

Have the Receivers led sufficient evidence in support of their remuneration?................. 21

The Third Crisp affidavit.................................................................................... 21

The WIP summaries............................................................................................. 25

Rates charged by the Receivers.......................................................................... 31

Was the work performed reasonably necessary?................................................................... 32

Was there complexity in the work required to be performed by the Receiver?................ 33

Does the value and nature of the property dealt with or likely to be dealt with warrant the work undertaken?........................................................................................................................ 35

Was the Receiver required or likely to be required to deal with another Receiver or Manager?.............................................................................................................................................. 35

Mr Ursini’s objections..................................................................................................................... 36

Objections to the work done: entities the subject of the First Report.................................. 38

Administration – General Admin/File Maintenance:................................................. 38

Administration – Statutory Compliance:....................................................................... 38

Administration – Tax Compliance:................................................................................. 39

Administration – Officers/Members.............................................................................. 39

Administration – Bank Account:..................................................................................... 42

Assets – Real Property...................................................................................................... 42

Creditors – Personal Property Security.......................................................................... 43

Reports to Creditors; Admin – Forensic Accounting Services; Investigation – Conducting Investigations:........................................................................................................ 43

Investigation – History & Background; Investigation – comparative Financial Statement analysis; Investigation – Report on ROCAP:..................................................... 45

Trade on Management...................................................................................................... 46

Objections to the work done: entities the subject of the Second Report............................. 46

Administration – Statutory compliance:........................................................................ 46

Administration – Officers/Members:............................................................................. 47

Real Property...................................................................................................................... 48

Assets - Stock/Work in Progress:.................................................................................... 49

Report to creditors:............................................................................................................ 49

Employee entitlements..................................................................................................... 50

Investigation – Litigation /Recovery Action................................................................. 51

Other matters raised by Mr Ursini that fall outside the scope of this application............. 52

Alleged mismanagement by Receivers.................................................................................... 52

Set-off............................................................................................................................................ 53

What is the appropriate quantum?............................................................................................... 54

JUDICIAL REGISTRAR:

Introduction

1. Glenn Anthony Crisp (‘Crisp’) and Malcolm Kimbal Howell in their capacity as joint and several court-appointed Receivers (‘Receivers’) and managers of the second to tenth defendants apply for their remuneration for the…