It was one of those rare instances when the application of a proportionality percentage aligned with the fees that liquidators had calculated using their own hourly rates. But as often happens with opportune outcomes, special circumstances held sway. First and foremost was the nature of this liquidation. There were two entities, neither insolvent. One had no directors. The other had directors who were siblings and “deadlocked”….
If it had a spare moment to reflect, the spectre of proportionality would realise Justice Paul Brereton isn’t the only judge it has to thank for the frequency of its invocation. Another recent invokor is the NSW Supreme Court’s Justice Stephen Robb, who last week summoned the liquidator-terrorising shade to cloud the fortunes of David Clout. In the matter: David Lewis Clout in his capacity as Liquidator of Mainz…
Some might have missed the remarks of Federal Court Justice Michael Wigney recently, which seemed to convey less than complete satisfaction with Richard Stone’s remuneration after the RSM partner made application for special leave to distribute a surplus generated from the winding up of Goldana Investments. Specifically, the judge seemed concerned about the level of fees when set against the seemingly straightforward nature of the job….