Australian Securities and Investments Commission In the Matter of Richstar Enterprises Pty Ltd (ACN 099 071 968) v Carey (No 6) [2006] FCA 814

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission In the Matter of Richstar

Enterprises Pty Ltd (ACN 099 071 968) v Carey (No 6)

[2006] FCA 814 CORPORATIONS – appointment of receivers to property of directors and officers of corporate group – pending investigation by Australian Securities and Investments Commission – extension of orders to property held on trust by third parties – whether power to make receiver orders extends to property held under discretionary trust – nature of beneficiary interest in discretionary trusts – whether contingent interests – exhaustive discretionary trusts – closed class of beneficiaries – non-exhaustive discretionary trusts – open class of beneficiaries – scope of power to make orders under s 1323 of the Corporations Act 2001 (Cth) and s 23 of the Federal Court of Australia Act 1976 (Cth) Corporations Act 2001 (Cth) s 1323 Federal Court of Australia Act 1976 (Cth) s 23 Commissioner of Stamp Duties (NSW) v Buckle (1998) 192 CLR 226 cited Federal Commissioner of Taxation v Vegners (1989) 90 ALR 547 cited Re Smith [1928] Ch 915 cited Re Nelson [Note] [1928] Ch 920 cited Re Coleman [1888] 39 Ch D 443 cited Gartside v Inland Revenue Commissioners [1968] AC 553 cited R & I Bank of Western Australia Ltd v Anchorage Investments Pty Ltd (1992) 10 WAR 59 cited Re Londonderry's Settlement [1965] Ch 918 cited Spellson v George (1987) 11 NSWLR 300 cited Hartigan Nominees Pty Ltd v Rydge (1992) 29 NSWLR 405 cited Commissioner of Stamp Duties (Qld) v Livingston [1965] AC 694 cited Re Atkinson [1971] VR 613 cited Craig v Federal Commissioner of Taxation (1945) 70 CLR 441 cited Inland Revenue Commissioners v Trustees of Sir John Aird's Settlement [1984] Ch 382 cited Inland Revenue Commissioners v Trustees of Sir John Aird's Settlement [1982] 2 All ER 929 cited Ascot Investments Pty Ltd v Harper (1981) 148 CLR 337 cited In the Marriage of Ashton (1986) 11 Fam LR 457 cited In the Marriage of Goodwin (1990) 101 FLR 386 cited In Marriage of Davidson No 2) (1990) 101 FLR 373 cited Thomas G and Hudson A, The Law of Trusts (Oxford University Press, 2004) Thomas on Powers, (Street and Maxwell, 1998) Parkinson P and Wright D, 'Equity and Property' in Parkinson P (ed) The Principles of Equity, (Law Book Co, 2003) Meagher, Gummow and Lehane, Equity, Doctrines and Remedies (4th edition, Butterworths, 2002) IN THE MATTER OF RICHSTAR ENTERPRISES PTY LTD (ACN 099 071 968); WESTPOINT REALTY PTY LTD (ACN 050 218 954); BOWESCO PTY LTD (ACN 008 915 357); REDCHIME PTY LTD (ACN 117 947 805), KEYPOINT DEVELOPMENTS PTY LTD (ACN 115 507 232) AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v NORMAN PHILLIP CAREY, GRAEME JOHN RUNDLE, CEDRIC RICHARD PALMER BECK, JOHN NORMAN DIXON, RICHSTAR ENTERPRISES PTY LTD (ACN 099 071 968), WESTPOINT REALTY PTY LTD (ACN 050 218 954) and BOWESCO PTY LTD (ACN 008 915 357), REDCHIME PTY LTD (ACN 117 947 805) and KEYPOINT DEVELOPMENTS PTY LTD (ACN 115 507 232) WAD 83 OF 2006 FRENCH J 29 JUNE 2006 PERTH IN THE FEDERAL COURT OF AUSTRALIA