Australian Securities and Investments Commission v Oceanic Asset Management Pty Ltd, in the matter of Oceanic Asset Management Pty Ltd [2015] FCA 966

Australian Securities and Investments Commission v Oceanic Asset Management Pty Ltd, in the matter of Oceanic Asset Management Pty Ltd [2015] FCA 966

Interim relief was warranted because ASIC was conducting an investigation into suspected contraventions, the former guiding mind of the defendant companies had died, the defendants had no directors or company secretaries, appeared not to be carrying on business, occupying premises or engaging employees, had limited...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
24 August 2015
Procedural Posture
Corporations Proceeding for Winding Up and Interim Relief / Urgent Interim Application for Appointment of Provisional Liquidators, Appointment of Trustee in Respect of a Deceased Estate, and Asset Preservation Orders
Outcome
Interim orders granted.
Legal Topics
['appointment of Provisional Liquidators' 'appointment of Trustee Under S 1323 of the Corporations Act 2001 (cth)' 'asset Preservation Orders' 'asic Investigation' 'just and Equitable Winding Up']
['corporations' 'insolvency' 'securities Regulation'] ['appointment of Provisional Liquidators' 'appointment of Trustee Under S 1323 of the Corporations Act 2001 (cth)' 'asset Preservation Orders' 'asic Investigation' 'just and Equitable Winding Up']

Source-derived case record

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Procedural Posture

Corporations Proceeding for Winding Up and Interim Relief / Urgent Interim Application for Appointment of Provisional Liquidators, Appointment of Trustee in Respect of a Deceased Estate, and Asset Preservation Orders

Legal Issues

  1. 1 ["Whether provisional liquidators should be appointed to each defendant pending determination of ASIC's winding up application." 'Whether an interim trustee should be appointed in respect of the property of Mr David Jones, deceased.' 'Whether asset preservation orders should be made over property of the defendants and the deceased estates of Mr Jones and Mrs Jones.']

Ratio Decidendi

Interim relief was warranted because ASIC was conducting an investigation into suspected contraventions, the former guiding mind of the defendant companies had died, the defendants had no directors or company secretaries, appeared not to be carrying on business, occupying premises or engaging employees, had limited assets and records issues, and there was a need to preserve the status quo and enable ASIC to complete its investigation. The circumstances also supported appointing a trustee for Mr Jones' property and making precautionary preservation orders over the relevant assets.

Court Disposition

Interim orders granted.

Orders

  • ['Time for service of the originating process and supporting affidavit was abridged to 4pm on 20 August 2015.' 'The originating process was made returnable immediately before Barker J at 2:45pm on 24 August 2015.' 'Until further order, under s 472(2) of the Corporations Act 2001 (Cth), Vincent Smith of Ernst & Young...