ASIC v McNeany [2001] FCA 646

FEDERAL COURT OF AUSTRALIA

ASIC v McNeany [2001] FCA 646

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

-v- JOSEPH FRANCIS McNEANY

V 295 of 2001

RYAN J MELBOURNE 25 MAY 2001

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIADISTRICT REGISTRY V 295 of 2001

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Applicant

AND: JOSEPH FRANCIS McNEANY

Respondent

JUDGE: RYAN J

DATE OF ORDER: 25 MAY 2001

WHERE MADE: MELBOURNE

In addition to and without derogating from the Orders made herein by consent on 5 May 2001, IT IS FURTHER ORDERED: 1. THAT the respondent be restrained until the hearing and determination of the proceeding or further order whether by himself, his servants or agents or otherwise howsoever from transferring, dealing with, charging, diminishing, mortgaging, assigning or disposing of the balance of the proceeds of any sale by the respondent and Nola Theresa McNeany of the property located at 2 Parkville Street, Burnley, Victoria and described in Certificate of Title Volume 3476 Folio 079, being the balance remaining after: (a) payment of all monies secured by a registered mortgage over the property and owing to St George Bank Ltd; (b) payment of all reasonable expenses of the sale; (c) payment of $30,000 into the trust account of the solicitors for the respondent in accordance with clause 15 of the Special Conditions to the Contract of Sale dated 4 April 2001; and (d) payment of a 50% share of the balance then remaining to Nola Theresa McNeany; (hereinafter referred to as "the proceeds") 2. THAT notwithstanding anything contained in paragraph 1 hereof and subject to paragraphs 3 and 4 of this Order the proceeds be retained by the respondent's solicitors in an interest bearing account on trust to abide any further order of this Court. 3. THAT notwithstanding anything contained in paragraph 2 of this Order, upon the respondent signing an effective authority under s 188 of the Bankruptcy Act 1966, the proceeds be paid to the controlling trustee as part of the respondent's property. 4. THAT the respondent's costs to date of this application including his costs of and incidental to the hearing this day and this Order be taxed and retained out of the proceeds or paid by the controlling trustee as the case may be. 5. THAT the applicant's costs of and incidental to the hearing this day and this Order be reserved. 6. THAT liberty be reserved to either party to apply on not less than 48 hours notice in writing to the other party.