Lindsay Palmer & Sons - Case Update

The receivers of a Queensland-based partnership have secured approval of $1.15 million in fees to be paid from the assets of the partnership following a lengthy and successful receivership. Rajendra Khatri and Christopher Cook of Worrells were appointed as receivers of Lindsay Palmer & Sons, a partnership which owned and operated a significant cattle property west of Mundubbera and the Royal Hotel at Mundubbera, after the relationship between its partners soured. Since their appointment, the receivers have been working to sell the partnership’s assets, including a 40-year rolling term lease over a working cattle station known as ‘Deearne Station’ which was sold for $22.5 million. Gross receipts from the sale of the principal assets of the partnership totalled $26.4 million. The receivers’ fees had been challenged by one of the partners, who argued that the fees were excessive, work had been duplicated and tasks had been undertaken which were unnecessary and unauthorized. The Court disagreed, finding that the work done was necessary and performed properly and that the claim for remuneration was supported by the information provided by the receivers. Read the decision here.