Australian Securities & Investments Commission; In the Matter of Westpoint Corporation Pty Ltd ACN 009 395 751 (Receivers and Managers Appointed) (In Liquidation v Read [2007] FCA 709

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission; In the Matter of Westpoint Corporation Pty Ltd ACN 009 395 751 (Receivers and Managers Appointed) (In Liquidation v Read [2007] FCA 709

CORPORATIONS – access by liquidator to corporate group documents seized by Australian Securities and Investments Commission under statutory powers – no dispute by ASIC as to liquidators' entitlement– large number of documents – failed corporate group – generalised objection to release by third party – third party not appearing – access proposed on conditions providing for third party applications to court - appropriateness of proposed orders to court in relation to release and attached conditions – ambulatory third party dispute resolution scheme inappropriate – application dismissed Australian Securities and Investments Commission Act 2001 (Cth) s 33, s 37, s 127 Corporations Act 2001 (Cth) s 477(3), s 477(6) Australian Securities & Investments Commission; In the matter of Richstar Enterprises Ltd v Carey (No 15) [2007] FCA 544 cited AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v SIMON READ AND JEFFERY HERBERT AS OFFICIAL LIQUIDATORS OF WESTPOINT CORPORATION PTY LTD ACN 009 395 751 (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) AND WESTPOINT CORPORATION PTY LTD ACN 009 395 751 (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) WAD84 OF 2007

FRENCH J

11 MAY 2007

PERTH IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD84 OF 2007

IN THE MATTER OF WESTPOINT CORPORATION PTY LTD ACN 009 395 751 (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Plaintiff

AND: SIMON READ AND JEFFERY HERBERT AS OFFICIAL LIQUIDATORS OF WESTPOINT CORPORATION PTY LTD ACN 009 395 751 (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION)