Burrup Fertilisers Pty Ltd (Receivers and Managers Appointed) v Oswal (No 4) [2011] FCA 1503

FEDERAL COURT OF AUSTRALIA

Burrup Fertilisers Pty Ltd (Receivers and Managers Appointed) v Oswal (No 4) [2011] FCA 1503 Citation: Burrup Fertilisers Pty Ltd (Receivers and Managers Appointed) v Oswal (No 4) [2011] FCA 1503

Parties: BURRUP FERTILISERS PTY LTD (RECEIVERS AND MANAGERS APPOINTED) v PANKAJ OSWAL, RADHIKA OSWAL, COMICAL ALI MILITANT VEGETARIAN PTY LTD and OSWAL INDUSTRIAL PTY LTD (ACN 121 121 659)

File number: WAD 66 of 2011

Judge: MCKERRACHER J

Date of judgment: 22 December 2011

Catchwords: CORPORATIONS – statutory power to appoint receiver – circumstances in which a receiver and manager will be appointed by the Court – whether it is necessary or desirable to appoint a receiver and manager for the purposes of protecting interests – whether a real risk of substantial diminution in value of the property is established – risk of asset being taken outside the jurisdiction – considerations relevant to Court's discretion to appoint a receiver and manager – limited evidence on deterioration - alternative means of protection – Corporations Act 2001 (Cth) s 1323 – Federal Court of Australia Act 1976 (Cth) s 57 – Federal Court Rules 2011 r 14

Legislation: Corporations Act 2001 (Cth) s 1323(1)(h) Federal Court Act 1976 (Cth) s 57(1) Federal Court Rules 2011 rr 14.11, 14.12, 14.21

Cases cited: Australian Securities & Investments Commission v Burke [2000] NSWSC 694 Australian Securities and Investments Commission v Carey (No 5) (2006) 58 ACSR 6 Beach Petroleum NL v Johnson (1992) 9 ACSR 404 Ferrari v Beccaris [1979] 2 NSWLR 181 Porter v Australian Prudential Regulation Authority (2010) 184 FCR 382 Pyke v Tuckey (unreported, Supreme Court of Victoria, Gobbo J, 24 May 1988) Re Richstar Enterprises Pty Ltd (2006) 232 ALR 577 Seminara v Ferguson (1993) 16 Fam LR 410