Last Friday, Justice Brereton finally published his reasons in Sakr Nominees Pty Ltd  NSWSC 709, the latest in a series of controversial decisions on insolvency practitioner remuneration. Continue reading
Yesterday, the Supreme Court of New South Wales delivered a decision of relevance to the practice of every liquidator in Australia.
Justice Brereton, whose recent decisions on insolvency practitioner remuneration have drawn a fair bit of attention, delivered a complex decision in which he reached conclusions of significance to any liquidator winding up a corporate trustee, considering a claim for superannuation, or seeking court approval of fees. Continue reading
The Department of Employment has recently announced the “Fair Entitlements Guarantee Recovery Programme”, a Government-funded programme “designed to strengthen recovery activity of amounts advanced under the Fair Entitlement Guarantee (FEG) scheme”. Continue reading
Yesterday the Supreme Court published its long-awaited decision in the Joe & Joe Developments litigation.
The litigation has been the subject of much gossip in the industry as it concerned allegations of rampant overcharging by insolvency practitioners and their lawyers. Commentators and industry observers have been poised, salivating, waiting for the scandal to break.
In the event, as is often the case with gossip, the facts were found not to justify the hype. Continue reading
On Friday, the NSW Supreme Court handed down two further decisions in its drive to hammer home to liquidators the importance of proportionality when claiming remuneration.
In both cases, his Honour Brereton J built on his earlier decision in AAA Financial Intelligence Ltd (in liquidation) (No 2)  NSWSC 1270 (see update here), emphasising that hourly-rate-based charging – even if every attendance is meticulously recorded and all of the time spent can be justified – may be a wholly inappropriate basis for claiming remuneration.
In a decision handed down yesterday, the Supreme Court got well and truly stuck in to liquidators and their lawyers. Continue reading
A recent decision of the Supreme Court of NSW has concluded that the cases “establish clearly enough” that, where a company conducted all its activities as trustee of a trust, the liquidator is entitled to be paid from trust property for general winding up work, not just trust-specific work:
- In the matter of North Food Catering Pty Limited  NSWSC 77.
The last week has seen a flurry of interesting court decisions from State and Federal courts. Six decisions are of particular note, and each is worthy of a separate, detailed update.