Lake Coogee Estate Management Pty Ltd v Australian Securities and Investments Commission [2006] FCA 1809

FEDERAL COURT OF AUSTRALIA

Lake Coogee Estate Management Pty Ltd v Australian Securities and Investments Commission [2006] FCA 1809 CORPORATIONS – managed investment scheme – failure to register scheme – proposals by investors to complete scheme – land purchased and substantial number of lots sold – developers seeking to wind up scheme upon completion of development – bank finance not finalised – other adverse issues in contradicting submissions not yet addressed – application adjourned to enable finalisation of finance and response to adverse submissions

Corporations Act 2001 (Cth) ss 601E(1), 601EB, 601ED(5), 601EE, 1012A, 1012B, 1012B Australian Securities and Investments Commission v Chase Capital Management Pty Ltd (2001) 36 ACSR 778 Australian Securities and Investments Commission v Commercial Nominees of Australia Ltd (2002) 42 ACSR 240 Australian Securities and Investments Commission v Koala Quality Produce Limited (2002) 41 ACSR 628 Australian Securities and Investments Commission v Mount Warren Park (Nominees) Pty Ltd (2005) 56 ACSR 43 Australian Securities and Investments Commission v Young (2003) 173 FLR 441 Mier v FN Management Pty Ltd [2006] 1 Qd R 339 LAKE COOGEE ESTATE MANAGEMENT PTY LTD (ACN 115 352 504), ALB DEVELOPMENTS NO 1 PTY LTD (ACN 113 785 050) and CITIBOND FINANCE AND INVESTMENTS PTY LTD (ACN 114 597 912) v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION WAD 286 OF 2006

NICHOLSON J

21 DECEMBER 2006

PERTH IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD 286 OF 2006

BETWEEN: LAKE COOGEE ESTATE MANAGEMENT PTY LTD (ACN 115 352 504)

First Plaintiff

ALB DEVELOPMENTS NO 1 PTY LTD (ACN 113 785 050)

Second Plaintiff

CITIBOND FINANCE AND INVESTMENTS PTY LTD (ACN 114 597 912)

Third Plaintiff