Australian Securities & Investments Commission v Marshall Bell Hawkins Ltd [2002] FCA 1511

Australian Securities & Investments Commission v Marshall Bell Hawkins Ltd [2002] FCA 1511

An interim order appointing a receiver and manager of the property of PEAM and Spinofrere should be made, as ASIC has established a strong prima facie case indicating substantial actual or potential liability to investors, persistent breaches of duty, misapplication of funds, conflicts of interest, and asset deficiencies; whereas Mareva orders are sufficient to protect claimants' interests in MBH, SPM, and Bell.

Jurisdiction
Australia
Judgment Date
06 December 2002
Procedural Posture
Corporations Law Interim Application / Interlocutory (interim Orders)
Outcome
Interim receiver and manager appointed for PEAM and Spinofrere; Mareva orders maintained for MBH, SPM, and Bell; costs reserved.
Legal Topics
['appointment of Receiver and Manager' 'interlocutory Injunction' 'mareva Injunction' 'managed Investment Schemes' 'disclosure of Commissions' 'fiduciary Duties' 'breach of Duty']
['corporations Law' 'equity'] ['appointment of Receiver and Manager' 'interlocutory Injunction' 'mareva Injunction' 'managed Investment Schemes' 'disclosure of Commissions' 'fiduciary Duties' 'breach of Duty']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations Law Interim Application / Interlocutory (interim Orders)

Legal Issues

  1. 1 ['Whether interim orders should be made appointing a receiver and manager of the property of PEAM and Spinofrere' 'Whether Mareva orders are sufficient to protect interests of claimants in MBH and SPM' 'Whether defendants have breached statutory and fiduciary duties owed to investors' 'Whether failure to disclose commissions and fees to investors amounts to breach']

Ratio Decidendi

An interim order appointing a receiver and manager of the property of PEAM and Spinofrere should be made, as ASIC has established a strong prima facie case indicating substantial actual or potential liability to investors, persistent breaches of duty, misapplication of funds, conflicts of interest, and asset deficiencies; whereas Mareva orders are sufficient to protect claimants' interests in MBH, SPM, and Bell.

Court Disposition

Interim receiver and manager appointed for PEAM and Spinofrere; Mareva orders maintained for MBH, SPM, and Bell; costs reserved.

Orders

  • ['Interlocutory injunctions granted on 27 November 2002 discharged.' 'Bell, MBH, and SPM restrained as per order terms until determination or further order.' 'Bell, MBH, and SPM to prepare and deliver monthly report to ASIC of dispositions and dealings under provisos.' 'Gregory John Keith of Grant Thornton appointed...