Australian Securities & Investments Commission v Stone Assets Management Pty Ltd (No 2) [2014] FCA 1099

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Stone Assets Management Pty Ltd (No 2) [2014] FCA 1099 Citation: Australian Securities & Investments Commission v Stone Assets Management Pty Ltd (No 2) [2014] FCA 1099

Parties: AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION v STONE ASSETS MANAGEMENT PTY LTD ACN 141 699 854

File number: SAD 277 of 2011

Judge: BESANKO J

Date of judgment: 13 October 2014

Catchwords: PRACTICE AND PROCEDURE – application for security for costs – where applicant on interlocutory process filed in winding up proceeding claiming beneficial interest in funds held in company liquidation – where liquidator applying for security for costs against applicant – where applicant ordinarily resident outside of jurisdiction – whether potential dividends to applicant out of funds held in company liquidation a fund within jurisdiction that the liquidator may enforce costs against – whether applicant's claim defensive. Held: Application allowed. Security for costs ordered.

Legislation: Corporations Act 2001 (Cth) s 9 Customs Act 1901-1934 (Cth) Federal Court of Australia Act 1976 (Cth) s 56 Federal Court Rules 2011 (Cth) r 19.01

Cases cited: Aquatown Pty Ltd v Holder Stroud Pty Ltd (1995) 18 ACSR 622 Aurora Networks Pty Ltd v Halbedl; In the Matter of Aurora Networks Pty Ltd [2013] FCA 632 Australian Securities & Investments Commission v Stone Assets Management Pty Ltd [2012] FCA 630 P S Chellaram & Co Ltd v China Ocean Shipping Co and Another (1991) 102 ALR 321 Willey v Synan (1935) 54 CLR 175