Australian Securities & Investments Commission v GDK Financial Solutions Pty Ltd (in liq) (No 6) [2010] FCA 1092

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v GDK Financial Solutions Pty Ltd (in liq) (No 6) [2010] FCA 1092 Citation: Australian Securities & Investments Commission v GDK Financial Solutions Pty Ltd (in liq) (No 6) [2010] FCA 1092

Parties: AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION v GDK FINANCIAL SOLUTIONS PTY LTD (IN LIQUIDATION) ACN 085 488 311 , WINDSOR VILLAGE MANAGEMENT PTY LTD (IN LIQUIDATION) ACN 088 339 913, WESTERN RETIREMENT VILLAGE MANAGEMENT PTY LTD (IN LIQUIDATION) ACN 091 443 239, THE MEWS VILLAGE NOMINEES PTY LTD (IN LIQUIDATION) ACN 091 526 224, PERIDON MANAGEMENT PTY LTD (IN LIQUIDATION) ACN 088 322 276, ROSEDALE VILLAGE NOMINEES PTY LTD (IN LIQUIDATION) ACN 089 667 096, PETER HASTINGS WARNE, RENTAL FLEETS AUSTRALIA PTY LTD ACN 082 558 978, JOHN MONTGOMERIE, ANDREW REGINALD YEO, GUISEPPE DE SIMONE, SEACHANGE MANAGEMENT PTY LTD ACN 091 443 211, ZMB AUSTRALIA PTY LTD ACN 105 746 067, YOUNG TURKS PTY LTD ACN 005 872 122 and TOUMA PTY LTD ACN 124 195 366

File number: VID 590 of 2006

Judge: FINKELSTEIN J

Date of judgment: 7 October 2010

Catchwords: PROCEDURE – representative proceeding – ability of a representative to compromise proceedings on behalf of the group

Legislation: Federal Court of Australia Act 1976 (Cth) s 24(1A) Federal Court Rules O 29 r 4

Cases cited: Australian Competition and Consumer Commission v Universal Music Australia Pty Ltd (No 2) 201 ALR 618 Australian Securities and Investments Commission v GDK Financial Services [2010] FCA 710 Brookfield Multiplex Ltd v International Litigation Funding Partners Pte Ltd (No 4) [2009] FCA 803 Calgary and Medicine Hat Land Company Ltd; Re [1908] 2 Ch 652 Dunstan v Simmie & Co Pty Ltd [1978] VR 669 Handford v Storie (1825) 2 Sim & St 196; (1825) 57 ER 320 Percival v Dunne (1885) 29 Ch D 128 Rees v Richmond(1890) 62 LTNS 427