Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Letten (No 17) [2011] FCA 1420 Citation: Australian Securities and Investments Commission v Letten (No 17) [2011] FCA 1420
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: 12 December 2011
Catchwords: CORPORATIONS – unregistered managed investment scheme – receivership – whether claims of trust creditors and investor claimants are "trust creditor claims" for purposes of the Pooling Orders – trustee's right of indemnity – clear accounts rule – trustee's duties – duty to get in / secure surplus investor funds – duty to account for income generated and debt funding secured against scheme property – duty to account for distributions to investors – duty to comply with the law
Legislation: Corporations Act 2001 (Cth)
Cases cited: Australian Securities and Investments Commission v Letten [2010] FCA 140 Australian Securities and Investments Commission v Letten (No 7) (2010) 80 ACSR 401 Beddoe, Re [1893] 1 Ch 547 Breen v Williams (1996) 186 CLR 71 Bruton Holdings Pty Ltd (in liq) v Federal Commissioner of Taxation (2011) 193 FCR 442 CB Darvall & Darvall v Moloney (No 2) [2007] QSC 337 Farrow Finance Company Ltd (in liq) v ANZ Executors and Trustee Company Ltd (1997) 23 ACSR 521 Gatsios Holdings Pty Ltd v Kritharas Holdings Pty Ltd (in liq) (2002) ATPR 41-864 Grossman v E Katz Manufacturing Jewellers (ACT) Pty Ltd (2004) 52 ACSR 198 Holli Managed Investments Pty Ltd v Australian Securities Commission (1998) 30 ACSR 113 JA Pty Ltd v Jonco Holdings Pty Ltd (2000) 33 ACSR 691 Mier v FN Management Pty Ltd (2005) 56 ACSR 93 Nolan v Collie (2003) 7 VR 287 Nolan v Collie [2004] HCATrans 22 Octavo Investments Pty Ltd v Knight (1979) 27 ALR 129 O'Keeffe v Hayes Knight GTO Pty Ltd (2005) 218 ALR 604 Pilmer v The Duke Group (in liq) (2001) 207 CLR 165 Raybould, Re [1900] 1 Ch 199 RWG Management Ltd v Commissioner for Corporate Affairs [1985] VR 385 Speight v Gaunt (1883) 9 App Cas 1 Trim Perfect Australia v Albrook Constructions [2006] NSWSC 153 Warne v GDK Financial Solutions Pty Ltd; Billingham v Parbey [2006] NSWSC 259 Aitken L, "A liability 'properly incurred'? – The trustee's right to indemnity, and exemption from liability for breach of trust" (2011) 35 Australian Bar Review 53
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate