Thackray v Gunns Plantations Ltd (No 2)

IN THE SUPREME COURT OF VICTORIA Not Restricted

AT MELBOURNE

COMMERCIAL AND EQUITY DIVISION

COMMERCIAL COURT

LIST E

No. 01895 of 2011

IN THE MATTER of GREAT SOUTHERN MANAGERS aUSTRALIA LIMITED

(ACN 083 825 405) (Receivers and Managers Appointed) (in liquidation)

James Gerard Thackray, Colin McIntosh Nicol and Anthony Gregory McGrath in their PERSONAL capacity AND as receivers and managers of GREAT SOUTHERN MANAGERS aUSTRALIA LIMITED (ACN 083 825 405) (Receivers and Managers Appointed)

(in LIQUIDAtion)

Plaintiffs

v

GUNNS PLANTATIONS LIMITED (ACN 091 232 209) & Ors (according to the schedule attached)

Defendants

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JUDGE:	Davies J
WHERE HELD:	Melbourne
DATE OF HEARING:	17 August 2011
DATE OF JUDGMENT:	30 August 2011
CASE MAY BE CITED AS:	Thackray & Ors v Gunns Plantations Ltd & Ors (No 2)
MEDIUM NEUTRAL CITATION:	[2011] VSC 417

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CORPORATIONS – Receiver claims entitlement to indemnity secured by equitable lien for costs and expenses of receivership of the Responsible Entity of Managed Investment Schemes – Prima facie entitlement established – No objection – Final orders

ASSIGNMENT – Whether right to indemnity and lien arising from salvage principles assignable – Principles

DECLARATION – Parties agreed in principle to enter into assignment deed – Declaration sought about how prospective assignment deed will operate – Whether the parties have a “real interest” in the declaratory relief

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APPEARANCES:	Counsel	Solicitors
For the Plaintiffs	Mr J. G. Santamaria QC with Dr O. Bigos and Mr M. A. J. McKillop	Minter Ellison
For the First Defendant	Mr P. Fox	Freehills
For the Second and Third Defendants	No appearance by or on behalf of the Second and Third Defendants
For Mr Burns	Mr N. P. De Young	Clarendon Lawyers

TABLE OF CONTENTS

BURNS OBJECTED CATEGORIES............................................................................................... 1

THE LEGAL COSTS OF THIS PROCEEDING........................................................................... 2

ASSIGNMENT................................................................................................................................... 2

CONCLUSION................................................................................................................................... 4

SCHEDULE OF PARTIES................................................................................................................ 5

ANNEXURE A..................................................................................................................................... 6

HER HONOUR:

1. This is the return of the receivers’ application for indemnification out of the scheme property (“the lienable property”) of ten managed investment schemes, secured by equitable lien, for their remuneration for work performed and expenses reasonably incurred in taking steps for the care, protection, preservation and realisation of the assets and property of those schemes.  This judgment is to be read in conjunction with the judgment delivered by the Court in Thackray & Ors v Gunns Plantations Limited & Ors.[1]

   [1][2011] VSC 380.

1. Since the initial hearing, Mr Burns and the first defendant (“Gunns”) have reached agreement on the quantum of the receivers’ claim and all claimed categories of expense and remuneration, including the two categories previously the subject of objection by Mr Burns.  No further objections have been raised pursuant to paragraph 9 of the orders made on 3 August 2011.  The orders now sought are:

(a)       an order confirming the receivers’ prima facie entitlement to the amounts claimed in respect of the two categories previously objected to by Mr Burns;

(b)      final orders to the effect that the receivers are entitled to an indemnity secured by equitable lien upon…