Australian Securities & Investments Commission In the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 18) [2007] FCA 1718

Australian Securities & Investments Commission In the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 18) [2007] FCA 1718

The Court was satisfied that, given the circumstances including the status of investigations, the reporting from the receiver, and the parties' agreement, it was appropriate and within power to make freezing orders in substitution for the continuation of receivership, with specified limits for legal and living expenses and monitoring obligations. The orders were largely consented to and no opposition to the proposed carveouts remained.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Norman Phillip Carey; Second Defendant: Graeme John Rundle; Third Defendant: Cedric Richard Palmer Beck; Fourth Defendant: John Norman Dixon; Fifth Defendant: Richstar Enterprises Pty Ltd ACN 099 071 968; Sixth Defendant: Westpoint Realty Pty Ltd ACN 050 218 954; Seventh Defendant: Bowesco Pty Ltd ACN 008 915 357; Eighth Defendant: Redchime Pty Ltd ACN 117 947 805; Ninth Defendant: Keypoint Developments Pty Ltd ACN 115 507 232; Tenth Defendant: Silkchime Pty Ltd ACN 066 358 276; Twelfth Defendant: Healthcare Properties Pty Ltd ACN 075 401 955
Jurisdiction
Australia
Judgment Date
09 November 2007
Procedural Posture
Corporations/protective Orders / Application for Extension of Previous Orders/freezing Orders; Orders Made by Consent
Outcome
Freezing orders made by consent against the Second Defendant, replacing previous orders; specified carveouts and reporting obligations imposed.
Legal Topics
Freezing Orders, Receivership, Asset Protection, Statutory Powers Under Corporations Act
Corporations Law Equity Freezing Orders Receivership Asset Protection Statutory Powers Under Corporations Act

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Parties

Australian Securities and Investments Commission

Plaintiff

Norman Phillip Carey

First Defendant

Graeme John Rundle

Second Defendant

Cedric Richard Palmer Beck

Third Defendant

John Norman Dixon

Fourth Defendant

Richstar Enterprises Pty Ltd ACN 099 071 968

Fifth Defendant

Westpoint Realty Pty Ltd ACN 050 218 954

Sixth Defendant

Bowesco Pty Ltd ACN 008 915 357

Seventh Defendant

Redchime Pty Ltd ACN 117 947 805

Eighth Defendant

Keypoint Developments Pty Ltd ACN 115 507 232

Ninth Defendant

Silkchime Pty Ltd ACN 066 358 276

Tenth Defendant

Healthcare Properties Pty Ltd ACN 075 401 955

Twelfth Defendant

Procedural Posture

Corporations/protective Orders / Application for Extension of Previous Orders/freezing Orders; Orders Made by Consent

Legal Issues

  1. 1 Whether the Court should extend and modify protective orders against the Second Defendant under s 1323 of the Corporations Act 2001 (Cth)
  2. 2 Whether proposed freezing orders are appropriate in lieu of continued receivership

Ratio Decidendi

The Court was satisfied that, given the circumstances including the status of investigations, the reporting from the receiver, and the parties' agreement, it was appropriate and within power to make freezing orders in substitution for the continuation of receivership, with specified limits for legal and living expenses and monitoring obligations. The orders were largely consented to and no opposition to the proposed carveouts remained.

Court Disposition

Freezing orders made by consent against the Second Defendant, replacing previous orders; specified carveouts and reporting obligations imposed.

Orders

  • Orders 2 to 25 made on 8 June 2006 in relation to the Second Defendant replaced.
  • Freezing order against all property of the Second Defendant with stated exceptions/carveouts for legal costs and living expenses.