CORPORATIONS – where court made order appointing first and second plaintiffs receivers (Receivers) over certain grain held by the third plaintiff, a grain growers’ Co-operative – where prior to their appointment Receivers appointed as voluntary administrators of the Co-operative – where Receivers in their capacity as voluntary administrators took steps to preserve grain held by the Co-operative belonging to growers – where Receivers sought to recover remuneration referable to preserving grain in their capacity as voluntary administrators – whether s 425 of the Corporations Act 2001 (Cth) confers power to fix the amount to be paid by way of remuneration to a court appointed receiver – Held: s 425 applies only to privately appointed receivers – meaning of “instrument” within the meaning of s 425 considered – “instrument” does not include a court order – importance of distinction between court appointed and privately appointed receivers considered – certain cases standing for the proposition that that s 425 of the Corporations Act 2001 (Cth) gives the court power to fix the remuneration of a court appointed receiver wrongly decided and not followed – whether r 14.24 of the Federal Court Rules 2011 (Cth) confers power to fix the amount to be paid by way of remuneration to a court appointed receiver – Held: entitlement to remuneration under r 14.24 is limited to work carried out by receivers in that capacity EQUITY – where Receivers had an equitable lien over funds generated from sale of grain to recover remuneration for the period prior to their appointment on the basis of the principle in Re Universal Distributing Co Ltd (in liq) (1933) 48 CLR 171 – where remuneration referable exclusively to the preservation of grain – declaration granted – determination of remuneration referred to Judicial Registrar, absent agreement between Receivers and interested parties
