In the matter of PrimeSpace Property Investment Limited (in liquidation) [2019] NSWSC 390

Solicitors: Johnson Winter & Slattery (Plaintiffs) File Number(s): 2016/107316

Judgment

1. This application concerns the liquidation of PrimeSpace Property Investment Limited ("PPIL"), which is the trustee for the PrimeSpace Northbourne Trust ("PSNT") and the PrimeSpace Property Trust No 3 ("PSPT3") and responsible entity for the Prime Access Property Fund ("PAPF") and is the former trustee for the IQ Investment Trust ("IQIT"). The Defendant in the proceedings, IQIT Nominees Pty Ltd ("IQIT Nominees"), is the current trustee for IQIT, although it did not seek to be heard in this application.
2. By my judgment delivered on 24 December 2018 ([2018] NSWSC 2001) ("Earlier Judgment"), I determined certain matters raised by an Amended Interlocutory Process filed on 16 October 2018 by the Plaintiffs, Messrs Fraser and McGrath ("Liquidators") as joint and several liquidators of PPIL. Among other things, I made orders in respect of the Liquidators' remuneration for the period to 30 June 2018. A corresponding direction was sought, but not pressed at that hearing, in respect of payment of the Liquidators' remuneration from 1 July 2018 to the completion of the liquidation. By email dated 4 February 2019, the Liquidators requested that claim now be determined on the basis of further affidavit evidence and submissions.
3. The Liquidators relied on a further affidavit dated 18 February 2019 of one of the Liquidators, Mr Fraser. Mr Fraser refers to his earlier affidavit evidence as to his firm's practice with respect to time recording, billing and project management of the liquidation. He notes that, as set out in an earlier affidavit, the committee of inspection has previously approved the Liquidators' remuneration up to $253,047 for the period 1 July 2018 to the completion of the liquidation and resolved to support the Liquidators' application for approval to pay the specified amounts from the assets of PSNT, PAPF and PSPT3 respectively. Mr Fraser also refers to his earlier affidavit setting out the basis on which approval of remuneration was sought for the period from 1 July 2018 to completion of the liquidation. Mr Fraser also gives evidence of further work undertaken since 1 July 2018 for PPIL; for PPIL in its capacity as trustee of PSNT; PPIL in its capacity as trustee of PAPF; and for PPIL in its capacity as trustee of PSPT3. Mr Fraser also addresses the remaining work that will be required in respect of the liquidation of PPIL in its own capacity, and in the administration and winding up of the several trusts. Mr Fraser also notes that the future estimates of remuneration for each entity, as at 30 June 2018, remain accurate and the Liquidators do not anticipate needing to seek creditor or Court approval for any additional amounts.