ASIC v Tasman Investment Management Ltd [2004] NSWSC 651

Reported Decision : 50 ACSR 153 (2004) 22 ACLC 1106

New South Wales Supreme Court

CITATION : ASIC v Tasman Investment Management Ltd [2004] NSWSC 651 HEARING DATE(S) : 09/07/04 JUDGMENT DATE : 23 July 2004

JURISDICTION: Equity Division Corporations List JUDGMENT OF : Barrett J DECISION : Order appointing receiver to wind up scheme

CATCHWORDS : CORPORATIONS - managed investment schemes - scheme required to be registered not registered - acknowledgment by operator that scheme should be wound up - proposal by operator that operator be allowed to sell scheme property with accountant as agent - no other functionary proposed by operator to administer or superintend winding up - whether court should accede to operator's proposal - whether independent person should be appointed as receiver to wind up scheme LEGISLATION CITED : Corporations Act 2001 (Cth), ss.601ED(5), 601EE, 708(10) Trustee Act 1925, s.27B Australian Securities and Investments Commission v Atlantic 3 Financial (Aust) Pty Ltd (2003) 47 ACSR 52 Australian Securities and Investments Commission v Chase Capital Management Pty Ltd (2001) 36 ACSR 778 Australian Securities and Investments Commission v Commercial Nominees of Australia Ltd (2002) 42 ACSR 240 Australian Securities and Investments Commission v IP Product Management Group Pty Ltd (2002) 42 ACSR 343 Australian Securities and Investments Commission v McNamara (2002) 42 ACSR 488 Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561 CASES CITED : Australian Securities and Investments Commission v Takaran Pty Ltd (No 2) (2002) 43 ACSR 334 Australian Securities and Investments Commission v Young (2003) 173 FLR 441 Bells Securities Pty Ltd v LPG Mourant [2002] QSC 156 Cook v Law [2003] FCA 966 Cumulus Wines Pty Ltd v Huntley Management Ltd [2004] NSWSC 609 Hamilton v Piggott Wood and Baker [2003] FCA 1055 Re Lawloan Mortgages Pty Ltd [2003] 2 QdR 200 Woods v Dodge [2003] FCA 1066 Australian Securities and Investments Commission - Plaintiff Tasman Investment Management Limited - First Defendant Longevity Management Systems Pty Limited - Second Defendant PARTIES : QV Mortgage Pty Limited - Third Defendant Queen Victoria Project Management Company Pty Limited - Fourth Defendant Colin Philip Warne - Fifth Defendant