Australian Securities & Investments Commission In the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 20) [2008] FCA 45

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission In the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 20) [2008] FCA 45

CORPORATIONS – asset preservation orders – pending investigations by Australian Securities and Investments Commission - appointment of Receiver to corporate member of property development group – appointment of Supervisor to another corporate member – proposed joint venture between the two companies – same person appointed as Receiver and Supervisor - potential conflict in determining whether to give consent to proposed joint venture – consent required under asset preservation orders – application to Court for directions – directors of companies not acting independently – proposed transaction not in best interests of land holding company –receiver directed not to provide consent Corporations Act 2001 (Cth) s 1323 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 (IN LIQUIDATION) (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 HEALTHCARE PROPERTIES PTY LTD (ACN 075 401 955) WAD83 OF 2006

FRENCH J

1 february 2008

PERTH IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD83 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

Plaintiff

AND: NORMAN PHILLIP CAREY