Equititrust Limited (In Liq) (Receiver Appointed) (Receivers and Managers Appointed) v Equititrust Limited (In Liq) (Receiver Appointed) (Receivers and Managers Appointed) [2014] FCA 692

FEDERAL COURT OF AUSTRALIA

Equititrust Limited (In Liq) (Receiver Appointed) (Receivers and Managers Appointed) v Equititrust Limited (In Liq) (Receiver Appointed) (Receivers and Managers Appointed) [2014] FCA 692 Citation: Equititrust Limited (In Liq) (Receiver Appointed) (Receivers and Managers Appointed) v Equititrust Limited (In Liq) (Receiver Appointed) (Receivers and Managers Appointed) [2014] FCA 692

Parties: EQUITITRUST LIMITED (IN LIQUIDATION) (RECEIVER APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) IN ITS CAPACITY AS RESPONSIBLE ENTITY OF THE EQUITITRUST INCOME FUND (ACN 061 383 944) v EQUITITRUST LIMITED (IN LIQUIDATION) (RECEIVER APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) IN ITS OWN CAPACITY (ACN 061 383 944), MARK McIVOR, WAYNE McIVOR, THOMAS HANEY, KPMG (A FIRM) and PAUL STEER

File number: NSD 2028 of 2013

Judge: FOSTER J

Date of judgment: 27 June 2014

Catchwords: CORPORATIONS – whether the Court should set aside or stay indefinitely compulsory examinations under s 596B of the Corporations Act 2001 (Cth) of former auditors of a registered managed investment scheme in circumstances where the responsible entity of that scheme has already commenced a proceeding against those former auditors and others for damages and other relief

Legislation: Corporations Act 2001 (Cth), ss 596A, 596B, 601NF(2), 1101B(1) and 1325

Cases cited: Accord Pacific Holdings Pty Ltd v Accord Pacific Land Pty Ltd (In Liq) [2011] NSWSC 707 Evans v Wainter Pty Ltd (2005) 145 FCR 176 Hamilton v Oades (1989) 166 CLR 486 Karounos v Official Trustee (1988) 19 FCR 330 Meteyard v Love (2005) 65 NSWLR 36 Re Equiticorp Finance Ltd; Ex parte Brock (1992) 6 ACSR 725 Re Hugh J Roberts Pty Ltd (In Liq) [1970] 2 NSWR 582 Re LED (South Coast) Pty Ltd (2009) 76 NSWLR 428 Re New Tel Ltd (In Liq) (2005) 145 FCR 176 Re Trio Capital Ltd (In Liq) (2011) 6 BFRA 202 Southern Cross Petroleum Sales (SA) Pty Ltd (In Liq) v Hirsch (1998) 70 SASR 527