PRACTICE AND PROCEDURE - Consideration of an application brought pursuant to s 511 and s 601NF(2) of the Corporations Act 2001 (Cth) and an order of the Court - where the liquidators of a company apply to the Court for directions and orders concerning proposed payments from funds held for a number of managed investment schemes - where application was not opposed.
BANKRUPTCY AND INSOLVENCY - Consideration of an application where the applicants are also joint and several receivers of the property of four managed investment schemes - where the liquidators entered into a management agreement with another company to perform the necessary management and maintenance work for the operation of pearl farms - where the applicants have performed tasks and undertaken works necessary for the care, maintenance, preservation and realisation of the assets of the schemes and the winding up of the company and schemes - where the administration, deed administration and liquidation of the company and winding up of the schemes was long and complex.
BANKRUPTCY AND INSOLVENCY - Consideration of the calculation of the applicants' costs, expenses and remuneration - where the applicants seek the Court's approval for the payment of costs, expenses and remuneration out of scheme funds - where the responsible entity of a registered managed investment scheme holds scheme property on trust for scheme members - where the applicants are justified and entitled to pay the fees, costs and expenses in the manner proposed by reason of the obligation imposed by the constituent documents relevant to each scheme - alternatively, where the applicants are justified and entitled to pay those fees, costs and expenses by reason of the "salvage" principle discussed in Re Universal Distributing Company Limited (In Liquidation) (1933) 48 CLR 171 - where the costs, charges and expenses of the liquidator have been incurred in relation to the property and are not general administration costs or costs incurred in the preservation of the property of another scheme - where there are mixed purposes between scheme property and the company an apportionment by the liquidators is necessary - where the applicants have maintained separate accounts for each of the schemes.
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