Australian Securities and Investments Commission v Letten (No 21) [2013] FCA 744

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Letten (No 21) [2013] FCA 744 Citation: Australian Securities and Investments Commission v Letten (No 21) [2013] FCA 744

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v MARK RONALD LETTEN (AND OTHERS ACCORDING TO ATTACHED SCHEDULE)

File number: VID 95 of 2010

Judge: GORDON J

Date of judgment: 30 July 2013

Date of hearing: Determined on the papers

Date of last submissions: 17 June 2013

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

Defendant

(AND OTHERS ACCORDING TO ATTACHED SCHEDULE)

JUDGE: GORDON J DATE OF ORDER: 30 JULY 2013 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 interlocutory process dated 17 June 2013 for approval of their remuneration, costs and expenses in respect of the period 1 January 2012 to 31 March 2013. (c) "Forty Fourth Affidavit" means the Forty Fourth Affidavit of Damian John Templeton sworn and filed in this proceeding. UPON Damian John Templeton and Philip 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.