ASIC v Karl Suleman Enterprizes Pty Ltd & Ors [2006] NSWSC 91

New South Wales Supreme Court

CITATION : ASIC v Karl Suleman Enterprizes Pty Ltd & Ors [2006] NSWSC 91

HEARING DATE(S) : 24/11/03, 09/12/03, 31/05/04 Written Submissions: 27/05/04, 29/04/05

JUDGMENT DATE : 28 February 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Orders for restoration of bank cheques or quarantined proceeds thereof

CATCHWORDS : CORPORATIONS - unregistered managed investment scheme - bank cheques delivered by would-be investors with view to entering into loan deed with operator of scheme - whether loan contract made - whether bank cheques or quarantined proceeds held by liquidators of operator on trust for would-be investors

CASES CITED : Australian Securities and Investments Commission v Karl Suleman Enterprizes Pty Ltd (2003) 177 FLR 147

Australian Securities and Investments Commission - Plaintiff Karl Suleman Enterprizes Pty Limited (in liq) - First Defendant Suleman Investments Pty Limited - Second Defendant Karl Suleman - Third Defendant Vivian Suleman - Fourth Defendant Paul G. Weston and Neil R. Cussen - Fifth Defendants Pal Holdings Pty Limited - Sixth Defendant Froggy Holdings Pty Limited - Seventh Defendant Froggy Music Pty Limited - Eighth Defendant Froggy Mobiles Pty Limited - Ninth Defendant Froggy Mobiles (Western Sydney) Pty Limited - Tenth Defendant Froggy Mobiles (Eastern Sydney) Pty Limited - Eleventh Defendant PARTIES : Capital Finance Australia Limited - Twelfth Defendant Jesse George - Thirteenth Defendant Michael Yousef - First Applicant Nabel Audisho - Second Applicant Yashar Sarkiss - Third Applicant Mark Graczer - Fourth Applicant Samy Dawood Baba Ishak - Fifth Applicant Farha Melkei - Sixth Applicant David Mansour - Seventh Applicant Waala Soro - Eighth Applicant Chris Mansour - Ninth Applicant Brijida Yalda - Tenth Applicant Karl Suleman Enterprizes Pty Limited (in liq) - Respondent