Equity Investment Advisers v Three Sisters Jills No.2 Limited HC Auckland CIV 2006-404-006479

[2008] NZHC 2593

IN THE HIGH COURT OF NEW ZEALAND AUCKLAND REGISTRY

CIV 2006-404-006479

UNDER  the Companies Act 1993

BETWEEN  EQUITY INVESTMENT ADVISERS AND SHAREBROKERS LIMITED Plaintiff

ANDTHREE SISTERS HILLS NO.2 LIMITED Defendant

Hearing:         On the Papers

Judgment:      24 September 2008 at 11 am

JUDGMENT OF ASSOCIATE JUDGE ROBINSON (On the Papers)

This judgment was delivered by me on 24 September 2008 at 2 pm, Pursuant to Rule 540(4) of the High Court Rules

Registrar/Deputy Registrar

Date……

Solicitors:           McDonald Vague, PO Box 6092, Wellesley Street, Auckland

Chapman Tripp, PO Box 2206, Auckland

EQUITY INVESTMENT ADVISERS AND SHAREBROKERS LIMITED V THREE SISTERS HILLS NO.2

LIMITED HC AK CIV 2006-404-006479  24 September 2008

[1]      The liquidators seek an order fixing their overall remuneration for their liquidation of the defendant company at $8,330.57. The application is supported by a comprehensive report detailing the hours worked and the amounts to be paid. According to the evidence the average hourly rate applicable to various liquidation staff on a GST exclusive basis in the conduct of this liquidation was as follows:

a)        Partners/Consultants   $342 per hour

b)        Professional staff       $267.74 per hour

c)        Secretarial and other support staff     $103.30 per hour.

Those rates are considered reasonable by Mr Whittfield an experienced solvency practitioner.

[2]      The various reports prepared by the liquidators pursuant to s 255 Companies

Act 1993 have been prepared as has a draft final report.

[3]      Pursuant to Re Medforce Healthcare Services Limited (in liquidation) [2001]

3 NZLR 145, the liquidators have confirmed that there has been no breach of relations 29 to 31 of the Limitation Regulations 1994 and have complied with the procedure set forth at p 155, paragraphs 35 to 37 of that decision. In the circumstances, I am satisfied that the amount claimed by the liquidators for their fees is reasonable and pursuant to the Court’s discretion under 2 276 Companies Act

1993 there is an order fixing the overall remuneration of the liquidators at $8,330.57.

Associate Judge Robinson