Australian Securities and Investment Commission v Keech & 3 Ors [1999] NSWSC 683

New South Wales Supreme Court CITATION : Australian Securities and Investment Commission v Keech & 3 Ors [1999] NSWSC 683 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 3021/99 HEARING DATE(S) : 06/07/99 JUDGMENT DATE : 6 July 1999

Australian Securities and Investments Commission (Plaintiff) Ian Norman Keech (First Defendant) PARTIES : Tekcorp Coating Systems Limited ACN 078 792 140 (Second Defendant) Securitek Holdings Pty Limited ACN 078 792 122 (Third Defendant) Tekcorp Specialist Coating Systems Pty Limited ACN 083 857 238 (Fourth Defendant) JUDGMENT OF : Santow J

COUNSEL : R Sofroniou (Plaintiff) ex parte SOLICITORS : Australian Securities & Investments Commission (Plaintiff) ex parte CATCHWORDS : CORPORATIONS — Ex parte application to restrain breach of s600 of Corporations Law by defendant managing a company who had been a director of more than one liquidated company paying less than 50 cents in the dollar — Extent of enquiry by court — Relevant considerations in granting injunction — Should injunction be operative immediately. ACTS CITED : Corporations Law s91A, s600, s1324 Didovich v ASIC (1998) 29 ACSR 122 CASES CITED : Iliopoulos v ASC (1997) 15 ACLC 1512 Laycock v Forbes (1997) 150 ALR 186; 25 ACSR 659 DECISION : Interim injunction granted

REVISED — 9 July, 1999 IN THE SUPREME COURT OF NEW SOUTH WALES IN EQUITY

SANTOW J

No. 3021/99 AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION Plaintiff IAN NORMAN KEECH First Defendant TEKCORP COATING SYSTEMS LIMITED ACN 078 792 140 Second Defendant SECURITEK HOLDINGS PTY LIMITED ACN 078 792 122 Third Defendant TEKCORP SPECIALIST COATING SYSTEMS PTY LIMITED ACN 083 857 238 Fourth Defendant