ASIC v Takaran (No 2) [2002] NSWSC 987

Reported Decision : 43 ACSR 334 (2003) 21 ACLC 12

New South Wales Supreme Court

CITATION : ASIC v Takaran (No 2) [2002] NSWSC 987 CURRENT JURISDICTION: Equity Division Corporations List FILE NUMBER(S) : SC 3072/02 HEARING DATE(S) : 14/10/02 JUDGMENT DATE : 23 October 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

Mr J Bates, Solicitor - Plaintiff COUNSEL : Mr G A Moore - Defendants Mr W G Hodgekiss - Investors Gadens Lawyers - Plaintiff SOLICITORS : Deacons - Defendants Haydon Fowler Corbett Jessop - Investors CATCHWORDS : CORPORATIONS - managed investment scheme - winding up under s.601EE - powers of receiver appointed by court to wind up - whether receivers may continue proceedings initiated by operator of scheme - whether leave should be granted for receiver to conduct proceedings in operator's name LEGISLATION CITED : Corporations Act 2001 (Cth) Australian Securities and Investments Commission v Commercial Nominees Ltd (2002) 42 ACSR 240 Australian Securities and Investments Commission v Landy DFK Securities Ltd [2002] FCA 1056 Australian Securities and Investments Commission v McNamara [2002] FCA 1005 Australian Securities and Investments Commission v Product Management Group Pty Ltd [2002] VSC 255 Australian Securities and Investments Commission v Takaran Pty Ltd (2002) 43 ACSR 46 CASES CITED : Bells Securities Pty Ltd v LPG Mourant [2002] QSC 156 Bolton v Darling Downs Building Society [1935] St R Qd 237 Lawloan Mortgages Pty Ltd v Lawloan Mortgages Pty Ltd [2002] QSC 302 Martyniuk v King [2000] VSC 319 Wilton v Commonwealth Trading Bank [1974] 2 NSWLR 96 Yunghanns v Candoora No 19 Pty Ltd (No 2) (2000) 35 ACSR 34 DECISION : See paragraphs 18 and 19