Australian Securities and Investments Commission v Westpoint Corporation Pty Ltd ACN 009 395 751 [2006] FCA 135

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Westpoint Corporation Pty Ltd ACN 009 395 751 [2006] FCA 135

CORPORATIONS – winding up application – insolvency – winding up proceedings commenced by ASIC – whether one set of liquidators should be appointed to companies which are part of a group of insolvent companies – company insolvent – winding up orders made on insolvency grounds – one set of liquidators appointed

Corporations Act 2001 (Cth) s 467(3) Federal Court (Corporations) Rules 2000 r 5.5(3)

Re Chilia Properties Pty Ltd, (admin apptd) (1997) 154 ALR 179 followed Sisu Capital Fund Ltd v Tucker [2005] EWHC 2170 (Ch) cited Re Arrows Ltd [1992] BCC 121 cited AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v WESTPOINT CORPORATION PTY LTD ACN 009 395 751 WAD 395 OF 2005 SIOPIS J 16 FEBRUARY 2006 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD 395 OF 2005

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

PLAINTIFF

AND: WESTPOINT CORPORATION PTY LTD ACN 009 395 751

DEFENDANT

JUDGE: SIOPIS J

DATE OF ORDER: 16 FEBRUARY 2006

WHERE MADE: PERTH

THE COURT ORDERS THAT: 1 The plaintiff have leave under sub‑section 459P(2) of the Corporations Act 2001 (Cth) to make this application. 2. The requirements of sub‑rule 5.5(3) of the Federal Court (Corporations) Rules 2000 be dispensed with. 3. The defendant be wound up in insolvency by the Court. 4. Jeffrey Laurence Herbert and Simon Andrew Read of PPB, Level 1, 5 Mill Street, Perth, Western Australia be appointed as liquidators of the defendant. 5. The plaintiff's costs be taxed and be reimbursed out of the property of the defendant in accordance with sub‑section 466(2) of the Corporations Act 2001 (Cth). Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.