Australian Securities and Investments Commission v International Unity Insurance Pty Ltd ACN 085 026 348 [2004] FCA 1059

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v International Unity Insurance Pty Ltd ACN 085 026 348 [2004] FCA 1059

CORPORATIONS – winding up – just and equitable – insolvency – circumstances in which an order may be made winding up a corporation on just and equitable grounds – defendant previously carrying on business in Australia as agent for an insurer incorporated in the Solomon Islands – where defendant not authorised to carry on insurance business – where defendant failed to meet claims on policies written with foreign company – defendant entered into sham transactions to disguise divestment of assets – where divestments likely to put assets out of reach of creditors – where defendant involved in related party transactions.

Corporations Act 2001 (Cth) ss 311, 459P, 461, 462, 466, 911A Australian Securities and Investments Commission Act 2001 (Cth) ss 13, 19 Insurance Act 1973 (Cth) ss 7, 10

Australian Securities Commission v AS Nominees Limited (1995) 62 FCR 504 applied Australian Securities & Investments Commission v ABC Fund Managers (2001) 39 ACSR 443 applied Australian Securities & Investments Commission v Austimber Pty Ltd [1999] FCA 566; (1999) 17 ACLC 893 cited Australian Securities and Investments Commission v International Unity Insurance (General) Limited [2004] FCA 1060 cited AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v INTERNATIONAL UNITY INSURANCE PTY LTD ACN 085 026 348 VG 3216 of 2003 LANDER J 19 AUGUST 2004 ADELAIDE (HEARD IN MELBOURNE)

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIAN DISTRICT REGISTRY VG 3216 OF 2003

IN THE MATTER OF INTERNATIONAL UNITY INSURANCE PTY LTD

ACN 085 026 348

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

PLAINTIFF

AND: INTERNATIONAL UNITY INSURANCE PTY LTD ACN 085 026 348