Australian Securities and Investments Commission v York Street Mezzanine Pty Ltd (Administrators Appointed) In the Matter of York Street Mezzanine Pty Ltd (Administrators Appointed) [2005] FCA 1921

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v York Street Mezzanine Pty Ltd (Administrators Appointed)

In the Matter of York Street Mezzanine Pty Ltd (Administrators Appointed)

[2005] FCA 1921

CORPORATIONS – winding up application – insolvency – just and equitable ground – property development companies – raising funds by promissory notes issued to public – winding up proceedings commenced by ASIC – administrators appointed – proposed Deed of Company Arrangement – not recommended by administrators – whether application for winding up should be further adjourned – companies insolvent – serious questions raised about conduct of directors – winding up orders made on insolvency grounds Corporations Act 2001 (Cth) s 459P(2), s 467(3)(b), s 459A AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v YORK STREET MEZZANINE PTY LTD (ADMINISTRATORS APPOINTED) WAD 342 OF 2005 AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v ANN STREET MEZZANINE PTY LTD (ADMINISTRATORS APPOINTED) WAD 376 OF 2005 FRENCH J 20 DECEMBER 2005 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD 342 OF 2005

IN THE MATTER OF YORK STREET MEZZANINE PTY LTD

(ADMINISTRATORS APPOINTED)

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

PLAINTIFF

AND: YORK STREET MEZZANINE PTY LTD

(ADMINISTRATORS APPOINTED)

DEFENDANT

JUDGE: FRENCH J

DATE OF ORDER: 20 DECEMBER 2005

WHERE MADE: PERTH

THE COURT ORDERS THAT:

1. The remuneration of the administrators to this date shall be fixed by the Court on the application of the administrators, which may be made at any time prior to 31 January 2006.

2. In accordance with s 459P(2) of the Corporations Act 2001 (Cth) (the Corporations Act), the plaintiff has leave to make this application.