Australian Securities & Investments Commission; In the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 13) [2007] FCA 57

Australian Securities & Investments Commission; In the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 13) [2007] FCA 57

Receiver and asset preservation orders are to be extended for specified defendants until 30 June 2007. Costs for the plaintiff's applications are to be paid by the respective defendants. Liability for legal fees is, in the circumstances, joint among defendants with overlapping representation, thereby displacing the presumption of several liability from separate retainers.

Jurisdiction
Australia
Judgment Date
05 February 2007
Procedural Posture
Corporations Law Interlocutory Proceedings / Interlocutory Orders and Costs Determination
Outcome
Orders extended; costs of plaintiff's application to be paid by relevant defendants; approval for payment of legal fees and disbursements granted per court's orders.
Legal Topics
['receiver Appointments' 'asset Preservation Orders' 'conflict of Interest' 'costs Orders' 'legal Fees and Retainer Liability']
['corporations' 'civil Procedure'] ['receiver Appointments' 'asset Preservation Orders' 'conflict of Interest' 'costs Orders' 'legal Fees and Retainer Liability']

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Procedural Posture

Corporations Law Interlocutory Proceedings / Interlocutory Orders and Costs Determination

Legal Issues

  1. 1 ['Should receivership and asset preservation orders be extended for the relevant defendants?' "How should costs be allocated for the plaintiff's application?" 'How should the liability for legal fees and disbursements be determined among multiple defendants and retainer agreements?' 'What procedures are necessary to address conflicts of interest for receivers appointed to related entities?']

Ratio Decidendi

Receiver and asset preservation orders are to be extended for specified defendants until 30 June 2007. Costs for the plaintiff's applications are to be paid by the respective defendants. Liability for legal fees is, in the circumstances, joint among defendants with overlapping representation, thereby displacing the presumption of several liability from separate retainers.

Court Disposition

Orders extended; costs of plaintiff's application to be paid by relevant defendants; approval for payment of legal fees and disbursements granted per court's orders.

Orders

  • ['Receiver orders and asset preservation orders are continued or imposed as specified until 30 June 2007.' "Costs of plaintiff's application for orders to be paid by identified defendant in each case." 'Orders approving release of legal fees and disbursements to Mony de Kerloy and other solicitors as specified.'...