Australian Securities and Investments Commission v Letten (No 19) [2012] FCA 375

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Letten (No 19) [2012] FCA 375 Citation: Australian Securities and Investments Commission v Letten (No 19) [2012] FCA 375

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: 13 April 2012

Date of hearing: Heard on the papers

Date of last submissions: 5 April 2012

Place: Melbourne

Division: GENERAL DIVISION

Category: No Catchwords

Number of paragraphs: 20

Solicitor for the Receivers: King & Wood Mallesons

IN THE FEDERAL COURT OF AUSTRALIA VICTORIA DISTRICT REGISTRY GENERAL DIVISION VID 95 of 2010

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Plaintiff

AND: MARK RONALD LETTEN

First Defendant

(and others according to the attached schedule)

JUDGE: GORDON J DATE OF ORDER: 13 April 2012 WHERE MADE: MELBOURNE

NOTE: For the purpose of this order: (a) Corporate Defendants, Receivers, Scheme and Secured Lender have the meanings ascribed to those terms in the Orders of Justice Gordon made in this proceeding on 25 February 2010 (Appointment Order), 4 March 2010 (SY21 Appointment Order) and 30 July 2010 (Additional Schemes Appointment Order); (b) Remuneration Application means the application of the Receivers by amended interlocutory process dated 4 April 2012 for approval of their remuneration, costs and expenses in respect of the period 3 July 2010 to 31 December 2011; (c) Thirty Seventh Affidavit means the Thirty Seventh Affidavit of Damian John Templeton sworn and filed in this proceeding; (d) Forty First Affidavit means the Forty First Affidavit of Damian John Templeton sworn and filed in this proceeding. UPON Damian John Templeton and Phillip Hennessy, both in their capacities as Receivers and on behalf of KPMG, an Australian partnership, by their Counsel undertaking to the Court to pay: (i) to the relevant Secured Lender, if there remains any shortfall of monies due to the Secured Lender; or (ii) if there is no such shortfall, back into the bank account from which the interim payment was made, in order to be dealt with in accordance with paragraph 1 of the Orders of Justice Gordon made on 11 November 2010, the amount (if any) by which the amount received by them as interim remuneration pursuant to the Orders made hereafter exceeds the amount which in due course is fixed as their final remuneration for that period, such payment to be made within 14 days after the day on which their remuneration is fixed AND upon Messrs Templeton and Hennessy, both in their capacities as Receivers and on behalf of KPMG, an Australian partnership, by their Counsel further undertaking that they will pay interest on that difference at such rate or rates as may be determined by the Court or as may be determined by a person appointed for that purpose by the Court.