The sole role of ICS, the company at issue in the recent decision of the New South Wales Supreme Court in In the matter of Independent Contractor Services (Aust) Pty Ltd (in liquidation) (No 2)  NSWSC 106, was to be the trustee of the similarly named ICS Trust. Previous litigation had confirmed that the trust was not a sham and that all ICS's assets were trust assets. In the present decision, the judge held that all expenses incurred by ICS were expenses incurred as trustee, and therefore ICS (and the liquidator) had a right to be indemnified for those expenses from trust assets before any distribution to beneficiaries was made.
The Court also had to decide whether the liquidator's expenses were to be paid out of trust funds and the quantum of the liquidator's remuneration. The Court approved payment for advice in relation to tax proceedings, for debt recovery and for database extraction. In relation to the liquidator's remuneration, the liquidator claimed $49,510.50 plus GST but the Court approved only $30,000 plus GST.
See Court decision here.