Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Letten (No 20) [2012] FCA 1283 Citation: Australian Securities and Investments Commission v Letten (No 20) [2012] FCA 1283
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: 19 November 2012
Catchwords: CORPORATIONS – unregistered managed investment schemes – receivers and managers appointed – distribution of proceeds of the schemes on a pooled basis – whether receivers justified in disregarding "capital gains" declared, but not paid, to some investors – treatment of claims by investors in schemes not associated with any particular scheme property – whether investors must account for distributions received prior to receivership – application of the hotchpot principle and the rule in Cherry v Boultbee – calculation of the distribution from the common fund
Legislation: Corporations Act 2001 (Cth) Federal Court of Australia Act 1976 (Cth)
Cases cited: Australian Securities and Investments Commission (ASIC) v Idylic Solutions Ltd; Australian Securities and Investments Commission v PJCB International Ltd (2009) 76 ACSR 129 Australian Securities and Investments Commission v Letten (No 7) (2010) 80 ACSR 401 Australian Securities and Investments Commission v Letten (No 17) [2011] FCA 1420 Brookfield Multiplex Ltd v International Litigation Funding Partners Pty Ltd (2009) 180 FCR 11 Cherry v Boultbee (1839) 41 ER 171 Cleaver v Delta American Reinsurance Co (in liq) [2001] 2 AC 328 Commissioner of Taxation v Broken Hill Pty Co Ltd (2000) 179 ALR 593 Georges v Seaborn International (Trustee), Re; Sonray Capital Markets Pty Ltd (in liq) (2012) 87 ACSR 442 Re French Caledonia Travel Services Pty Ltd (in liq) (2003) 59 NSWLR 361 Re York Street Mezzanine Pty Ltd (in liq) (2007) 162 FCR 358 Stanford v Stanford [2012] HCA 52
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