A recent judgment of the Supreme Court of NSW, In the matter
of Say Enterprises Pty Ltd [2018] NSWSC 396 provides timely
guidance to interim receivers and managers to ensure that work is
properly and reasonably performed pursuant to their
appointment.
A receiver and manager is entitled to the costs properly
incurred in the discharge of their ordinary duties, the amount of
which may be fixed by the Court. The onus is on the receiver and
manager to show that the amount of the remuneration claimed is fair
and reasonable and that the work was properly performed in the
course of the administration.
In this case, on 10 August 2017, Antony Resnick and David
Solomons were appointed interim receivers and managers of Say
Enterprises Pty Ltd until 25 September 2017. The primary objective
of their appointment was to secure the company's bank accounts
and continue trading operations on an interim basis (41 days). This
had been substantially achieved by 11 August 2017, after
