ASIC v Australian Investors Forum [2003] NSWSC 130

Reported Decision : (2003) 44 ACSR 503 (2003) 21 ACLC 1133

New South Wales Supreme Court

CITATION : ASIC v Australian Investors Forum [2003] NSWSC 130 revised - 19/03/2003 HEARING DATE(S) : 3 March 2003 JUDGMENT DATE : 7 March 2003 JURISDICTION: Equity JUDGMENT OF : Austin J DECISION : See under heading "Conclusion"

CATCHWORDS : CORPORATIONS - interim receiver - company in receivership incurs legal costs through director in defending winding up application - whether director had authority to authorise the incurring of costs - whether interim receiver should recognise and pay costs LEGISLATION CITED : Corporations Act 2001 (Cth) ss 420, 471A, 1323 Atlas Maritime Co SA v Avalon Maritime Ltd; The Coral Rose (No 3) [1991] 1 WLR 917 Brolrik Pty Ltd v Sambah Holdings Pty Ltd [2001] NSWSC 1171 Clark Equipment Credit of Australia v Como Factors Pty Ltd (1998) 14 NSWLR 552 Commissioner of Taxation v Manners and Terrule Pty Ltd (1985) 81 FLR 131 Corporate Affairs Commission (NSW) v Smithson (1984) 9 ACLR 371 Corporate Affairs Commission (NSW) v Transphere Pty Ltd (1985) 9 ACLR 820 CASES CITED : Garden Mews-St Leonards Pty Ltd v Butler Pollnow Pty Ltd (No 2) (1984) 2 ACLC 507 Moss Steamship Company Ltd v Whinney [1912] AC 254 NMB Postbank Groep NV v Naviede [1993] BCLC 707 Re Diamond Fuel Co (1879) 13 Ch D 400 Re Laverton Nickel NL and Companies Act [1979] CLC [40-519] Re Merchant Nurseries Pty Ltd (1985) 10 ACLR 143 Re Rick Wilson Pty Ltd and the Companies Act (1982) 7 ACLR 354 Robert H Barber & Co Ltd v Simon (1914) 19 CLR 24 Australian Securities & Investments Commission (P) Australian Investors Forum Pty Ltd and 28 others (D) PARTIES : Casabanca Pty Ltd (Interim Receiver Appointed) (A) Australian Securities & Investments Commission (R1) Alexander Robert Mackay Macintosh (R2) FILE NUMBER(S) : SC 5164/01 COUNSEL : W Marler (Solicitor) (A) P Somerset (Solicitor) (R2) SOLICITORS : Tzovaras Legal (A) Abbott Tout (R2)