Australian Securities Commission v Solomon, Emad Kamel & Ors [1998] FCA 214

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY G3469 of 1994

BETWEEN: AUSTRALIAN SECURITIES COMMISSION

Applicant

AND: EMAD KAMEL SOLOMON

First Respondent

TRANSPHERE (SOUTH PACIFIC) PTY LIMITED

(IN PROVISIONAL LIQUIDATION) (RECEIVERS AND MANAGERS APPOINTED)

ACN 061 127 928

Second Respondent

THE EDDIE SOLOMON EMPORIUM PTY LIMITED (in provisional liquidation) (receivers and managers appointed)

ACN 056 919 950

Third Respondent

HOT CAKES PTY LIMITED (in provisional liquidation) (receivers and managers appointed)

ACN 002 738 525

Fourth Respondent

JUDGE: EMMETT J

DATE: 20 february 1998

PLACE: SYDNEY

THE COURT ORDERS:

1. That leave be granted nunc pro tunc to amend the further amended application dated 2 March 1995 by including in the third further amended application orders in terms of prayers 2 and 3 of the amended notice of motion of 19 December 1995, such amendment to take effect from 31 January 1996. 2. That the second, third and fourth respondents be wound up. 3. That Brian Raymond Silvia be appointed as liquidator of the second, third and fourth respondents. 4. That the liquidator retain possession of all the property of the second, third and fourth respondents. 5. That the remuneration for the said Brian Raymond Silvia for having acted as provisional liquidator is to be paid out of the property of the second, third and fourth respondents and is to be fixed at the rate prescribed by the Insolvency Practitioners' Association of Australia and able to be drawn on a monthly basis. Such time and costs of fees drawn to be detailed in a letter to the applicant and for the purposes of the provisional liquidator's remuneration, the assets of each of the corporate respondents shall be viewed as pooled funds and such fees can be drawn from any account. 6. That the remuneration for the said Brian Raymond Silvia for acting as liquidator is to be paid out of the property of the second, third and fourth respondents and is to be fixed at the rate prescribed by the Insolvency Practitioners' Association of Australia and able to be drawn on a monthly basis. Such time and costs of fees drawn to be detailed in a letter to the applicant and for the purposes of the provisional liquidator's remuneration, the assets of each of the corporate respondents shall be viewed as pooled funds and such fees can be drawn from any account. 7. That liberty be reserved to any party to restore the matter to the Corporations List on 3 days notice. 8. That the third further amended application be otherwise dismissed. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.