Australian Securities & Investments Commission v Forestview Nominees Pty Ltd (No 3) [2006] FCA 1710

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Forestview Nominees Pty Ltd (No 3) [2006] FCA 1710

CORPORATIONS – winding up – insolvency – presumption of insolvency flowing from appointment of receivers under floating charge – presumption of insolvency not displaced – winding up order made – liquidators also appointed as receivers of Unit Trust of which company is trustee Corporations Act 2001 (Cth) s 459A, s 95A, s 459C Australian Securities & Investments Commission v Forestview Nominees Pty Ltd (Receivers and Managers Appointed) [2006] FCA 1530 cited AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v FORESTVIEW NOMINEES PTY LTD ACN 063 440 102 (RECEIVERS AND MANAGERS APPOINTED) WAD 178 OF 2006

FRENCH J

7 DECEMBER 2006

PERTH IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD 178 OF 2006

IN THE MATTER OF FORESTVIEW NOMINEES PTY LTD ACN 063 440 102 (Receivers and managers appointed) BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Applicant

AND: FORESTVIEW NOMINEES PTY LTD ACN 063 440 102 (RECEIVERS AND MANAGERS APPOINTED)

Respondent

JUDGE: FRENCH J DATE OF ORDER: 7 DECEMBER 2006

WHERE MADE: PERTH

THE COURT ORDERS THAT:

1. The applicant have leave under subs 459P(2) of the Corporations Act 2001 (Cth) (the Act) to make this application. 2. The respondent be wound up in insolvency by the Court. 3. Simon Andrew Read and Clifford Stewart Rocke of PPB, Level 1, 5 Mill Street, Perth WA 6000 and Ian Menzies Carson of PPB, Level 10, 90 Collins Street, Melbourne, Victoria 3000, be appointed as joint and several liquidators of the respondent. 4. The applicant's costs including all reserved costs be taxed and be reimbursed out of the property of the respondent in accordance with subs 466(2) of the Act. 5. Pursuant to Order 26 of the Federal Court Rules and subject to the appointment of receivers and managers appointed for the purpose of enforcing the charge identified in a Deed of Appointment dated 30 March 2006, annexed to the affidavit of Oren Zohar sworn in these proceedings on 29 June 2006, Simon Andrew Read, Clifford Stewart Rocke and Ian Menzies Carson be appointed as joint and several receivers without security of the property of the Matheson Unit Trust for the purpose of preserving its assets, and, if they consider it to be advantageous to do so, selling or otherwise realising those assets. 6(a) The receivers have the powers, with all necessary adaptations, as are referred to in s 477(2) of the Act. (b) Liberty to the receivers and any beneficiary of the Matheson Unit Trust to apply in relation to the exercise of any of the receivers' powers. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.