Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Realestate Equity Investment Trust (No 2) [2020] FCA 1578 File number: VID 820 of 2017
Judgment of: MURPHY J
Date of judgment: 16 October 2020
Date of publication of reasons: 29 October 2020
Catchwords: CORPORATIONS – winding up of a managed investment scheme and related company – receivers and liquidators appointed – whether receivers are justified in distributing property of the scheme and related company on a pooled basis – principles applicable to deficient mixed trust accounts – power of the Court to make the directions sought by the receivers – consideration of the claims of various creditors, claimants and unit holders – principles relevant to ASIC recovering the cost of its investigations – receivers' and liquidators' remuneration and expenses
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) s 91 Corporations Act 2001 (Cth) ss 461(k), 472(1), 479(3), 511, 601ND, 1617(4) Federal Court of Australia Act 1976 (Cth) s 23 Insolvency Law Reform Act 2016 (Cth) Federal Court Rules 2011 (Cth) r 14.23
Cases cited: 13 Coromandel Place Pty Ltd v CL Custodians Pty Ltd (in liq) [1999] FCA 144; (1999) 30 ACSR 377 Australian Securities and Investments Commission v Letten (No 7) [2010] FCA 1231; (2010) 190 FCR 59 Australian Securities and Investments Commission v Realestate Equity Investment Trust [2018] FCA 50 Dean-Willcocks v Soluble Solution Hydroponics Pty Ltd (1997) 42 NSWLR 209 Georges v Seaborn International (Trustee), in the matter of Sonray Capital Markets Pty Ltd (in liq) [2012] FCA 75; (2012) 288 ALR 240 Guy v Churchill (1887) 35 Ch D 489 In re Universal Distributing Co Ltd (in liq) (1933) 48 CLR 171 Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Limited & Others [2010] EWCA Civ 917 Sanderson as Liquidator of Sakr Nominees Pty Ltd (in liquidation) v Sakr [2017] NSWCA 38; (2017) 343 ALR 524 Stewart v Atco Controls Pty Ltd (in liq) (2014) 252 CLR 307 Stewart v Atco Controls Pty Ltd (in liq) (2014) 252 CLR 307
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