Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities & Investments Commission, In the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 (No 7) v Carey [2006] FCA 1183
CORPORATIONS – court appointed receivers – receivers appointed pursuant to s 1323 of the Corporations Act 2001 (Cth) – public regulatory function – protective of company assets pending Australian Investments and Securities Commission investigation – application by company for approval for expenditure on legal fees relating to possible action against receivers – no potential cause of action or merits disclosed – clear case necessary to justify such an order – risk of inappropriate pressure on receivers in discharge of public function – motion for approval of expenditure dismissed Corporations Act 2001 (Cth) s 1323
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, BOWESCO PTY LTD ACN 008 915 357, REDCHIME PTY LTD ACN 117 947 805, KEYPOINT DEVELOPMENTS PTY LTD ACN 115 507 232, SILKCHIME PTY LTD ACN 066 849 429 AND ROLD CORPORATION PTY LTD ACN 009 358 276 WAD 83 OF 2006
FRENCH J
30 AUGUST 2006
PERTH IN THE FEDERAL COURT OF AUSTRALIA
WESTERN AUSTRALIA DISTRICT REGISTRY WAD 83 OF 2006
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) BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
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