Sampson, in the matter of PWUO Trading Pty Ltd (In Liquidation) (No 2)

The case involves an application by PWUO Trading Pty Ltd (in liquidation) for the discharge of receivers and managers of the assets of the PWUO Trading Trust. The respondents were appointed as receivers and managers and as liquidators of the company. The application also sought to dispense with the requirement to comply with r 14.25 of the Federal Court Rules 2011 (Cth) and for approval of the remuneration of the respondents. The court had to decide whether to approve the remuneration of the respondents and whether to dispense with the compliance with r 14.25 of the Federal Court Rules 2011 (Cth).

The court considered the nature of the work done by the respondents and the time taken to complete the task. The court found that the remuneration claimed by the respondents was reasonable and appropriate. The court also found that dispensing with the compliance with r 14.25 of the Federal Court Rules 2011 (Cth) would not cause any injustice to any party and was in the interests of justice.

The court ordered that the respondents' remuneration in respect of their administration as receivers and managers of the assets of the PWUO Trading Trust be determined in the sum of $71,683. The court also ordered that the respondents distribute the assets of the Trust in payment of the remuneration approved and then to the respondents, in their capacity as liquidators of PWUO Trading Pty Ltd (in liquidation), for distribution in accordance with the priorities set out in Division 6 of Part 5.6 of the Corporations Act 2001 (Cth). The court further ordered that the respondents be discharged as receivers and managers of the assets of the Trust, provided there is no surplus remaining after such distribution. Finally, the court ordered that the requirement for the respondents to comply with r 14.25 of the Federal Court Rules 2011 (Cth) be dispensed with. The costs of this proceeding were ordered to be costs in the winding up of the company.