Australian Securities and Investments Commission v Piggott Wood & Baker (A Firm) (No 6) [2019] FCA 672

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Piggott Wood & Baker (A Firm) (No 6) [2019] FCA 672 File number: TAD 42 of 2001

Judge: KERR J

Date of judgment: 16 May 2019

Catchwords: CORPORATIONS – application by liquidator of unregistered managed investment scheme for directions that specific distributions of realised funds to investors are justified – where Solicitors' Trust had made payments to investors who lost principal following collapse of the scheme – where rights and interests of investors as relevant to amounts paid out by Solicitors' Trust were subject to statutory assignment – where liquidator contends mixed funds received are to be applied to interest before principal according to the rule in Falk v Haugh [1935] HCA 35; 53 CLR 163 – where distribution initially proposed failed adequately to take into account the Solicitors' Trust's distinct proprietary rights – where amended application would rateably distribute recoveries as between principal and interest – liquidator entitled to make interim final distribution of funds as proposed in amended application

Legislation: Bankruptcy Act 1966 (Cth) Corporations Act 2001 (Cth) ss 477, 601EE Legal Profession Act 1993 (Tas) ss 111, 113 Legal Profession Act 2007 (Tas) Pt 3.5