Australian Securities and Investments Commission v Drury Management Pty Ltd & Ors [2004] QSC 385

Queensland Government State Reporting Bureau Department of Justice and Attorney-General Transcript of Proceedings Jax*gs>sc5sr Copyright in this transcript is vested in the Crown. Copies thereof must not be made or sold without the written authority of the Director, State Reporting Bureau. SUPREME COURT OF QUEENSLAND CIVIL JURISDICTION MACKENZIE J Application No 464 of 2002 AUSTRALIAN SECURITIES AND INVESTMENTS Applicant COMMISSION and DRURY MANAGEMENT PTY LTD First Respondent (ACN 089 253 958) (RECEIVER APPOINTED) and PIET CORNELIUS WALTERS Second Respondent and MARK SAMUEL EVANS Third Respondent and RANSOM HOUSE PTY LTD (ACN 072 391 407) Fourth Respondent (RECEIVER APPOINTED) and IAN DAVID JESSUP Applicant Receiver CAIRNS ..DATE 30/09/2004 REVISED COPIES ISSUED State Reporting Bureau Date: 1 October, 2004 JUDGMENT WARNING: The publication of information or details likely to lead to the identification of persons in some proceedings is a criminal offence. This is so particularly in relation to the identification of children who are involved in criminal proceedings or proceedings for their protection under the Child Protection Act 1999, and complainants in criminal sexual offences, but is not limited to those categories. You may wish to seek legal advice before giving others access to the details of any person named in these proceedings. 1 4th Floor, The Law Courts, George Street, Brisbane, Q. 4000 Telephone: (07) 3247 4360 Fax: (07) 3247 5532 -- 1 of 2 -- 30092004 D.l T5/AS M/T CNS1/2004 (Mackenzie J) HIS HONOUR: Now in this matter there is an itemised list of the work done by the Court appointed receiver and manager. The charge out rates do not appear to be out of line with what one would expect to be charged by professionals at the various levels who were involved in the matter. It is deposed that the charge out rates conform to the IPAA Statement of Best Practice. The receiver and manager deposes to his belief that the rates are fair and reasonable. ASIC was served about three weeks ago; it is deposed by Ms Schwarz that she was informed by an ASIC officer that ASIC were not in a position to comment other than to say that ASIC neither consented nor objected to the application and had no comment in respect of remuneration sought by the applicant. In that state of affairs and in the absence of evidence or other indications that the charges are not reasonable I will make an order in terms of the draft initialled by me and placed with the papers . 1 10 20 30 40 50 2 JUDGMENT 60 -- 2 of 2 --