Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Keystone Asset Management Ltd (receivers and managers appointed) (administrators appointed) (No 2) [2024] FCA 1040 File number: VID 536 of 2024
Judgment of: MOSHINSKY J
Date of judgment: 5 September 2024
Catchwords: CORPORATIONS – external administration – where receivers and managers appointed by the Court over all of the property of the first defendant (Keystone) – where, shortly after the Court appointment, the directors of Keystone appointed voluntary administrators – where the plaintiff (ASIC) applied to the Court for the appointment of provisional liquidators to avoid duplication and potential disputation – where, in the alternative, ASIC applied to the Court for the replacement of the administrators with the same persons who had been appointed receivers and managers – held: orders made for the replacement of the administrators with the same persons who had been appointed receivers and managers
Legislation: Corporations Act 2001 (Cth), ss 447A, 472, 1323, Sch 2, Insolvency Practice Schedule (Corporations), s 90-15
Cases cited: Australian Securities Commission v Solomon (1996) 19 ACSR 73 Australian Securities and Investments Commission v ActiveSuper Pty Ltd (No 2) [2013] FCA 234; 93 ACSR 189 Australian Securities and Investments Commission v Continental Coal Limited [2016] FCA 416 Australian Securities and Investments Commission v Midland Hwy Pty Ltd (admin apptd); in the matter of Midland Hwy Pty Ltd (admin apptd) [2015] FCA 1360; 110 ACSR 203 Blacktown City Council v Macarthur Telecommunications Pty Ltd (admin apptd) [2003] NSWSC 883; 47 ACSR 391 Cawthorn v Keira Constructions Pty Ltd (1994) 33 NSWLR 607 Deputy Commissioner of Taxation v Woodings (1995) 16 ACSR 266 Lubavitch Mazal Pty Ltd v Yeshiva Properties No 1 Pty Ltd [2003] NSWSC 535; 47 ACSR 197 Spacorp Australia Pty Ltd (admin apptd) v Fitzgerald [2001] VSC 61; 19 ACLC 979 Wallace-Smith, in the matter of National Express Group Australia (Bayside Trains) Pty Ltd (recs and mgrs apptd) (admins apptd) [2003] FCA 764; 46 ACSR 674
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