Norman, in the matter of Forest Enterprises Australia Limited (Administrators Appointed) (Receivers & Managers Appointed) v FEA Plantations Ltd (Administrators Appointed) (Receivers Appointed) [2010] FCA 1274

Norman, in the matter of Forest Enterprises Australia Limited (Administrators Appointed) (Receivers & Managers Appointed) v FEA Plantations Ltd (Administrators Appointed) (Receivers Appointed) [2010] FCA 1274

The growers' opposition failed because the receivers were not officers of the responsible entity for the purposes of Corporations Act 2001 (Cth) s 601FD and, in any event, s 601FD would not regulate conduct undertaken by them in another capacity as receivers and managers of FEA. The circumstances requiring protection had also disappeared because the administrators would carry out the relevant works, and no specific proposed conduct required court sanction.

Jurisdiction
Australia
Judgment Date
18 November 2010
Procedural Posture
Application for Directions by Receivers and Managers Concerning Leases and Profits Associated With Managed Investment Schemes / Reasons for Judgment After Hearing; Direction Sought Not Made
Outcome
Direction sought refused; parties to be heard on costs.
Legal Topics
['duties of Officers of Responsible Entities' 'meaning of Officer Under Corporations Act 2001 (cth) S 601 Fd' "receivers' Obligations to Scheme Members" 'realisation of Charged Assets' 'application for Judicial Directions']
['corporations Law' 'managed Investment Schemes' 'receivership and Secured Transactions'] ['duties of Officers of Responsible Entities' 'meaning of Officer Under Corporations Act 2001 (cth) S 601 Fd' "receivers' Obligations to Scheme Members" 'realisation of Charged Assets' 'application for Judicial Directions']

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Procedural Posture

Application for Directions by Receivers and Managers Concerning Leases and Profits Associated With Managed Investment Schemes / Reasons for Judgment After Hearing; Direction Sought Not Made

Legal Issues

  1. 1 ['Whether receivers appointed to receive certain assets of a responsible entity of managed investment schemes were officers owing duties under Corporations Act 2001 (Cth) s 601FD to scheme members.' "Whether any duties under s 601FD applied to the receivers' proposed conduct in their separate capacity as receivers and managers of the parent company, FEA." "Whether the receivers should receive a court direction that they were justified in terminating, surrendering, abandoning, assigning or otherwise dealing with FEA's leases and profits."]

Ratio Decidendi

The growers' opposition failed because the receivers were not officers of the responsible entity for the purposes of Corporations Act 2001 (Cth) s 601FD and, in any event, s 601FD would not regulate conduct undertaken by them in another capacity as receivers and managers of FEA. The circumstances requiring protection had also disappeared because the administrators would carry out the relevant works, and no specific proposed conduct required court sanction.

Court Disposition

Direction sought refused; parties to be heard on costs.

Orders

  • ['The Court did not make the direction sought.' 'The Court stated it would hear the parties on costs.']