Stacks Managed Investments Ltd [2005] NSWSC 753

Reported Decision : 54 ACSR 466 (2005) 23 ACLC 1647

New South Wales Supreme Court

CITATION : Stacks Managed Investments Ltd [2005] NSWSC 753

HEARING DATE(S) : 30/05/05, 21/07/05

JUDGMENT DATE : 29 July 2005

JUDGMENT OF : White J

DECISION : Originating process dismissed; exhibits may be returned after 28 days.

CATCHWORDS : CORPORATIONS - Managed Investment Schemes - Registered scheme - Application to wind up managed investment scheme on just and equitable grounds - Orders sought included appointment of liquidators to take responsibility for winding-up and conferral of powers similar to those of a company liquidator - Scheme was already being wound up pursuant to a members' resolution - Current responsible entity having difficulties with obtaining documents from, inter alia, the previous responsible entity - Orders sought in order to facilitate winding-up - Corporations Act s 601FS, 601ND, 601NF - Held that appointment of proposed liquidators not necessary - Statute does not provide for conferral of corporate liquidator powers on entity winding up a registered scheme.

Corporations Act 2001 (Cth) LEGISLATION CITED : Managed Investments Act 1998 (Cth) Managed Investments Bill, 1987

Australian Securities and Investments Commission v Commercial Nominees Ltd (2002) 194 ALR 743 28 ACLC 1238; 42 ACSR 240) Australian Securities and Investments Commission v Takaran (No. 2) (2003) 21 ACLC 12; (2002) 43 ACSR 334 Australian Securities and Investments Commission v Atlantic 3 Financial (Aust) Pty Ltd (No. 3) [2003] QSC 386 Australian Securities and Investments Commission v Edwards (2004) 22 ACLC 1469 Australian Securities and Investments Commission v Tasman Investment Management Pty Ltd (2004) 50 ACSR 153 Australian Securities and Investments Commission v Landy DFK Securities Ltd (2002) 123 FCR 548 Re Brighton Joint Venture Partner No. 2 Scheme; Australian Securities and Investments Commission v Primelife Corp Ltd [2005] FCA 704 Australian Securities and Investments Commission v ABC Fund Managers Ltd (No. 3) [2001] VSC 397 CASES CITED : Australian Securities and Investments Commission v McNamara [2002] FCA 1005 Chief Commissioner of Stamp Duties for NSW v Buckle (1998) 192 CLR 226 Horwarth Corporate Pty Ltd v Huie (1999) 32 ACSR 43 Crocombe v Pine Forests of Australia Pty Ltd [2005] NSWSC 151 Australian Law Reform Commission and the Companies and Securities Advisory Committee on "Collective Investments: Other People's Money" (ALRC report No. 65, 1993) Australian Securities and Investments Commission v Knightsbridge Managed Funds Ltd) [2001] WASC 339 Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 Editions Tom Thompson Pty Ltd v Pilley (1997) 77 FCR 141 Jacobs, Law of Trusts in Australia, 6 ed Scott on Trusts, 4 ed