Australian Securities and Investments Commission v Letten (No 7) [2010] FCA 1231

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Letten (No 7) [2010] FCA 1231

Citation: Australian Securities and Investments Commission v Letten (No 7) [2010] FCA 1231

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v MARK RONALD LETTEN (and others according to the attached schedule)

File number: VID 95 of 2010

Judge: GORDON J

Date of judgment: 11 November 2010

Catchwords: CORPORATIONS – unregistered managed investment schemes – receivers and managers appointed – whether receivers are justified in distributing property of the schemes on a pooled basis – method of distribution of the property of the schemes – power of the Court to make the directions sought by the receivers

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Federal Court of Australia Act 1976 (Cth) Federal Court Rules

Cases cited: Australian Securities and Investments Commission v Enterprise Solutions 2000 Pty Ltd [2001] QSC 082 Australian Securities and Investments Commission v Letten (No 1) [2010] FCA 140 Australian Securities and Investments Commission v Letten (No 3) [2010] FCA 512 Australian Securities and Investments Commission v Letten (No 4) [2010] FCA 571 Australian Securities and Investments Commission v Letten (No 5) [2010] FCA 1047 Australian Securities and Investments Commission v Letten (No 6) [2010] FCA 1048 Australian Securities and Investments Commission v Nelson [2003] NSWSC 129 Australian Securities Investments Commission v Tasman Investment Management Ltd (2006) 202 FLR 343 Barlow Clowes International Ltd (in liq) v Vaughan [1992] 4 All ER 22 Birtchnell v Equity Trustees, Executors and Agency Co Ltd (1929) 42 CLR 384 Canny Gabriel Castle Jackson Advertising Pty Ltd v Volume Sales (Finance) Pty Ltd (1974) 131 CLR 321 Concrete Pty Ltd v Parramatta Design and Developments Pty Ltd (2006) 229 CLR 577 Devaynes v Noble (1816) 35 ER 781 Federal Commissioner of Taxation v Bruton Holdings Pty Ltd (In Liquidation) (2008) 173 FCR 472 Hospital Products Ltd v United States Surgical Corporation (1984) 156 CLR 41 James Roscoe (Bolton) Ltd v Winder [1915] 1 Ch 62 John Alexander's Clubs Pty Ltd v White City Tennis Club Ltd; Walker Corporation Pty Ltd v White City Tennis Club Ltd (2010) 266 ALR 462 Law Society of New South Wales v Milios (1999) 48 NSWLR 409 Law Society of Upper Canada v Toronto Dominion Bank (1998) 169 DLR (4th) 353 Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Limited & Others [2010] EWCA Civ 917 Mariconte v Batiste (2000) 48 NSWLR 724 Parker; Re Purcom No 34 Pty Ltd (in Liq) (2009) 262 ALR 85 Re Brighton Joint Venture Partner No 2 Scheme; Australian Securities and Investments Commission v Primelife Corp Ltd (2005) 54 ACSR 177 Re French Caledonia Travel Services Pty Ltd (in Liq) (2003) 59 NSWLR 361 Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 Re Global Finance Group Pty Ltd (in liq)(supervisor appointed); Ex parte Read (2002) 26 WAR 385 Re Joscelyne; Allen's Plaster Products Pty Ltd v Prudential Assurance Co Ltd [1963] Tas SR 4 Re Laughton [1962] Tas SR 300 Re Magarey Farlam Lawyers Trust Accounts (No 3) (2007) 96 SASR 337 Re One.Tel Networks Holdings Pty Ltd (2001) 40 ACSR 83 Re TVSN Limited [2005] NSWSC 692 Sanderson v Classic Car Insurances Pty Ltd (1985) 10 ACLR 115 Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd (2004) 219 CLR 165 United Dominions Corporation Ltd v Brian Pty Ltd (1985) 157 CLR 1 University of Western Australia v Gray (No 6) [2006] FCA 1825 Xenou v Katsaras (2002) 7 VR 335 Jacobs' Law of Trusts in Australia (7thed, 2006) Law Book Company, McPherson's Law of Company Liquidations (2010)