Australian Securities Commission v AS Nominees Ltd & Ors [1995] FCA 812

CATCHWORDS CORPORATIONS - Companies - application to wind up - publication of notice of proceedings under Federal Court Rules. PRACTICE AND PROCEDURE - Federal Court Rules - publication of Notice of Proceeding previously restrained - article in major metropolitan newspaper identifying respondent - publication of notice ordered. HIGH COURT AND FEDERAL JUDICIARY - Federal Court of Australia - Federal Court Rules - publication of Notice of Proceeding to wind up. TRUSTS AND TRUSTEES - Trustee Company - notice to investor-beneficiaries - notice by advertisement under Federal Court Rules - purpose of Notice - possibility of "run" on trust funds - de facto notice through article in major metropolitan newspaper -balance with principle of equality of treatment of beneficiaries. Federal Court Rules Order 71 rule 36 Re T & L Trading (Aust) Pty Limited (1986) 10 ACLR 388 noted AUSTRALIAN SECURITIES COMMISSION v AS NOMINEES LIMITED and OTHERS No ACT AG 3295 of 1995 No ACT AG 3002 of 1995 FINN J CANBERRA 17 AUGUST 1995

IN THE FEDERAL COURT OF AUSTRALIA) ) AUSTRALIAN CAPITAL TERRITORY ) )No. ACT AG 3295 of 1995 DISTRICT REGISTRY )No. ACT AG 3002 of 1995 ) GENERAL DIVISION ) BETWEEN: AUSTRALIAN SECURITIES COMMISSION Applicant AND: AS NOMINEES LIMITED and OTHERS Respondents COURT: FINN J. PLACE: CANBERRA DATE: 17 AUGUST 1995 MINUTES OF ORDER The Court varies its order of 8 August 1995 by ordering the publication of the Notice of Application, pursuant to Order 71 rule 36(8). Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules

IN THE FEDERAL COURT OF AUSTRALIA) ) AUSTRALIAN CAPITAL TERRITORY ) ) No. ACT AG 3295 of 1995 DISTRICT REGISTRY ) No. ACT AG 3002 of 1995 ) GENERAL DIVISION ) BETWEEN: AUSTRALIAN SECURITIES COMMISSION Applicant AND: AS NOMINEES LIMITED and OTHERS Respondents COURT: FINN J. PLACE: CANBERRA DATE: 17 AUGUST 1995 REASONS FOR JUDGMENT An application having been made under section 462 of the Corporations Law to wind up the three respondent companies, the respondents filed a notice of motion seeking that the applicant be restrained from advertising, or causing to be advertised, notice of these proceedings as required by order 71, rule 36 of the Federal Court Rules. They relied upon the power of this court under sub-rule 8 of that rule to order that advertisement not be required to take place. On 8 August, I made an order pursuant to that sub-rule that publication be dispensed with until further order. The bases of the respondent's motion then, and of the reasons for my order, were that: