Stojanovski v Stojanovski

INTRODUCTION

1. This judgment follows my earlier judgment in Stojanovski v Stojanovski [2023] NSWSC 1645 (Principal Judgment) in which I determined the amount of the Priority Costs, the Receivership Costs and the Sale Costs (as defined in the Principal Judgment) which the fifth and sixth defendants (Trustees/Receivers) were entitled to be paid by way of their remuneration, costs and expenses in their capacity as receivers and trustees in the bankruptcy of Robert Stojanovski (to whom I will refer by his first name without meaning any disrespect).
2. The remaining issue from the Principal Judgment is the extent to which the Trustees/Receivers are entitled to recover further costs for the work done by them in the period after 20 January 2023.
3. This judgment assumes familiarity with the Principal Judgment. Shorthand expressions and definitions used in the Principal Judgment are also used in this judgment.
4. The only active parties in the disputes which were the subject of the Principal Judgment were the Trustees/Receivers and the fourth defendant, Angelina Stojanovski, to whom I will continue to refer by her first name without intending any disrespect. The Trustees/Receivers and Angelina are also the only active parties in the dispute over the remaining issue.
5. The remaining issue arises by virtue of the orders made by Lindsay J on 18 May 2022 (May 2022 Orders). Those orders established the Receivers Fund, comprising the proceeds of sale of the Kemp Street Property and the Morts Road Property (the Properties) (order 3). Of particular importance are orders 6 and 8 of the May 2022 Orders which are as follows: 6. In order to exercise the power or powers granted by order 2, ORDER that the fifth and sixth defendants: e. are entitled to take all reasonably necessary steps required (including, but not limited to, appointing a real estate agent and auctioneer) to sell the Properties by public auction. f. are to obtain a valuation of the Properties by a registered valuer appointed by the fifth and sixth defendants and upon receipt of the valuation is to apply to the Court for the setting of a reserve price for the sale of the Properties by public auction (the Reserve Price). g. must not sell the Properties for less than the Reserve Price except by leave of the Court. h. if, at a public auction of the Properties the Reserve Price is not reached, then the Properties are to be passed in and the fifth and sixth defendants are to take all reasonably necessary steps required to sell the Properties by further public auction or by private treaty at or above the Reserve Price. i. The fifth and sixth defendants have the Power to: i. appoint agents, valuers, solicitors and/or conveyancers as required to sell the Properties; ii. make all necessary adjustments of rates and taxes on settlement of sale of the Properties; iii. do all things necessary and incidental to effect the sale of the Properties; iv. deduct, from the proceeds of sale of the Properties, the commission and other expenses of any real estate agent employed by the fifth and sixth defendants; v. deduct, from the proceeds of sale of the Properties, the remuneration and expenses of the fifth and sixth defendants relating to the sale of the Properties at the rates charged from time to time for work of that type by the firm SV Partners; vi. deduct, from the proceeds of sale of the Properties, the legal expenses of and relating to transferring the Properties to the respective purchasers; vii. deduct, from the proceeds of sale of the Properties, the legal expenses and disbursements in respect of the sale including (without limitation) valuation fees, insurance premiums and all other out of pocket expenses; viii. deduct, from the proceeds of sale of the Properties, any legal costs ordered in respect of these proceedings. … 8. ORDER that the fifth and sixth defendants shall pay from the Receivers Fund the following amounts in the following order of priority: j. the reasonable costs and expenses properly incurred by the fifth and sixth defendants in the performance of their duties and the exercise of their powers as trustees of the bankrupt estate in relation to steps taken by them in the preservation and protection of assets of the bankrupt estate specifically the Properties from claims in these proceedings (the Priority Costs); k. the reasonable costs and expenses properly incurred by the fifth and sixth defendants in the performance of their duties and the exercise of their powers as receivers of the rent of the Properties pursuant to their appointment as such by the Court on 17 December 2018 (the Receivership Costs); l. any reasonable costs and expenses properly incurred by the fifth and sixth defendants, in their capacity as trustees of the bankrupt estate of the first defendant, and incurred in the performance of their duties and the exercise of their powers as trustees, which are not included in (a) above, and which have been approved in accordance with the provisions of the Bankruptcy Act 1966 (Cth) (the Bankruptcy Costs); m. an amount sufficient to annul the bankruptcy of the first defendant, provided that all other legal requirements are complied with, including but not limited to reporting requirements contained in the Bankruptcy Act 1966 (Cth); n. any balance is to be paid into an appropriate account held by this Court pending final determination of proceedings number (P) SYC 754 of 2019 in the Federal Circuit and Family Court of Australia or further order of this Court.