Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities & Investments Commission v
Houghton & Associates Pty Ltd [1999] FCA 528
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v HOUGHTON AND ASSOCIATES PTY LTD & ORS NG 3132 OF 1998
EMMETT J 23 APRIL 1999 SYDNEY
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NG 3132 OF 1998
BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
Applicant
AND: HOUGHTON AND ASSOCIATES PTY LIMITED
ACN 001 818 373
First Respondent
JOHN ROBERT HOUGHTON
Second Respondent
COMMONWEALTH BANK OF AUSTRALIA
Third Respondent
JUDGE: EMMETT J
DATE OF ORDER: 23 APRIL 1999
WHERE MADE: SYDNEY
THE COURT ORDERS THAT:
1. The first respondent, Houghton and Associates Pty Limited ACN 001 818 373, be wound up pursuant to subsection 461(1)(k) of the Corporations Law. 2. John Frederick Lord of Lord and Brown, Chartered Accountants, be appointed Official Liquidator of the first respondent, Houghton and Associates Pty Limited ACN 001 818 373. 3. The first respondent pay the applicant's costs of this application. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NG 3132 OF 1998
BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
Applicant
AND: HOUGHTON AND ASSOCIATES PTY LIMITED
ACN 001 818 373
First Respondent
JOHN ROBERT HOUGHTON
Second Respondent
COMMONWEALTH BANK OF AUSTRALIA
Third Respondent
JUDGE: EMMETT J
DATE: 23 APRIL 1999
PLACE: SYDNEY
EX TEMPORE REASONS FOR JUDGMENT 1 I havebefore me an application for the winding up of Houghton & Associates Pty Limited. The applicant is the Australian Securities & Investments Commission ("the Commission"). The application is based on section 461(1)(k) of the Corporations Law. The Commission claims standing by the operation of section 462(2)(e) and section 464. Section 461(1)(k) provides that the Court may order the winding up of a company if the Court is of opinion that it is just and equitable that the company be wound up. 2 Section 462(2)(e) provides that the Commission may apply for an order to wind up a company pursuant to section 464. Section 464(1) provides that where the Commission is investigating or has investigated matters being, or connected with, affairs of a company, the Commission may apply to the Court for the winding up of the company. I am satisfied that the Commission has standing under section 462(2) and section 464 of the Corporations Law in the light of the evidence contained in affidavits of Ronald Leslie Hooper, sworn 13 July 1998, 16 July 1998, 21 July 1998, 21 September 1998 and 1 April 1999.
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