ASIC v Adler & Ors [2001] NSWSC 451

(2001) 38 ACSR 266 Reported Decision : (2001) 19 ACLC 1221 [2001] NSWSC 451

New South Wales Supreme Court

CITATION : ASIC v Adler & Ors [2001] NSWSC 451 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 2753/01 HEARING DATE(S) : 23/05/01, 24/05/01, 29/05/01, 30/05/01, 31/05/01 JUDGMENT DATE : 31 May 2001

In the matter of HIH INSURANCE LIMITED (in provisional Liquidation) ACN 008 636 575 and HIH CASUALTY AND GENERAL INSURANCE LIMITED (in provisional liquidation) ACN 008 482 291

PARTIES : AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION (Plaintiff) RODNEY STEPHEN ADLER (First Defendant) RAYMOND REGINALD WILLIAMS (Second Defendant) DOMENIC FODERA (Third Defendant) JUDGMENT OF : Santow J

A Bannon, SC/D Stack/M Wigney (Plaintiff) COUNSEL : B Walker, SC/D Hammerschlag/I M Jackman (First Defendant) R Heathcote (Solicitor) (Second Defendant) J E Sexton, SC (Third Defendant) Jan Redfern, Solicitor for ASIC (Plaintiff) SOLICITORS : Gilbert & Tobin (First Defendant) Arnold Bloch Leibler (Second Defendant) CATCHWORDS : CORPORATIONS — Asset preservation orders under s1323 and 1324 — The relevant principles applicable to ex parte applications and subsequent contested applications where sought by ASIC — Jurisdictional and discretionary basis — Relevance of dissipation of assets and prima facie case. LEGISLATION CITED : Corporations Law s1323 s1324; ss180, 181, 182, 183 and s209; ASC v A S Nominees Limited (1995) 13 ACLC 1,822 CASES CITED : ASIC v Burke ([2000] NSWSC 694, Austin J, 10 July 2000, unreported) Isic v Ivey (1998) 29 ACSR 391 DECISION : Ex parte orders declined.