Australian Securities & Investments Commission v GDK Financial Solutions Pty Ltd (in liq) (No 8) [2011] FCA 997

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v GDK Financial Solutions Pty Ltd (in liq) (No 8) [2011] FCA 997 Citation: Australian Securities & Investments Commission v GDK Financial Solutions Pty Ltd (in liq) (No 8) [2011] FCA 997

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v GDK FINANCIAL SOLUTIONS PTY LTD (ACN 085 488 311), WINDSOR VILLAGE MANAGEMENT PTY LTD (IN LIQUIDATION) (ACN 088 339 913), WESTERN RETIREMENT VILLAGE MANAGEMENT PTY LTD (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 (TRUSTEE OF BANKRUPT ESTATE OF ROHAN ELLIOT VON STANKE) YEO, GIUSEPPE 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: DODDS-STREETON J

Date of judgment: 21 July 2011

Catchwords: CORPORATIONS – Unregistered managed investment scheme – Application by representative of investors in the scheme for approval of agreement to settle various claims on the scheme fund – Whether compromise fair and reasonable and in the interests of the investors – Whether investors must be notified of application for approval

Legislation: Corporations Act 2001 (Cth) s 601EE(2) Federal Court of Australia Act 1976 (Cth) s 23

Cases cited: Australian Securities & Investments Commission v GDK Financial Solutions Pty Ltd (in liq) (No 6) [2010] FCA 1092 cited ZMB Australia Pty Ltd v Warne [2011] FCA 311 discussed ZMB Australia Pty Ltd v Warne [2011] FCAFC 65 considered and applied