ASIC v Takaran [2002] NSWSC 834

Reported Decision : 43 ACSR 46 (2002) 20 ACLC 1732

New South Wales Supreme Court

CITATION : ASIC v Takaran [2002] NSWSC 834 CURRENT JURISDICTION: Equity Division Corporations List FILE NUMBER(S) : SC 3072/02 HEARING DATE(S) : 04/09/02 JUDGMENT DATE : 12 September 2002

Australian Securities and Investments Commission - Plaintiff Takaran Pty Limited - First Defendant PARTIES : Takaran 2 Pty Limited - Second Defendant Takaran 3 Pty Limited - Third Defendant David Arthur Jordan and Jack Leonard Jordan t/as Elliot Tuthill - Fourth Defendant JUDGMENT OF : Barrett J

COUNSEL : Mr T M Lynch - Plaintiff Mr M A Pembroke SC/Mr G A Moore - Defendants SOLICITORS : Gadens Lawyers - Plaintiff Deacons - Defendants CATCHWORDS : CORPORATIONS - managed investment scheme - whether steps taken in closing phases of scheme are "steps to wind up the scheme" - meaning of "winding up" and "operate" qua managed investment scheme Corporations Act 2001 (Cth) LEGISLATION CITED : Management Investments Fund Act 1998 (Cth) Trade Practices Act 1974 (Cth) Australian Securities and Investments Commission v Enterprise Solutions 2000 Pty Ltd (2000) 35 ACSR 620 Australian Securities and Investments Commission v Knightsbridge Managed Funds Ltd [2001] WASC 339 Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561 Re Crust 'n' Crumbs Bakers (Wholesale) Pty Ltd [1992] 2 Qd R 76 CASES CITED : Forster v Outred & Co [1982] 1 WLR 86 Interstate Mortgage & Investments Pty Ltd v Australian Securities and Investments Commission (unreported, NSWSC, 22 July 2002) Royal Bank of Canada v Inland Revenue Commissioners [1972] Ch 665 Scarcella v Lettice (2000) 51 NSWLR 302 Wardley Australia Ltd v Western Australia (1992) 175 CLR 514 DECISION : Separate question answered in the affirmative