ASIC v Burnard [2007] NSWSC 1217

Reported Decision : 64 ACSR 360 (2007) 25 ACLC 1,505

New South Wales Supreme Court

CITATION : ASIC v Burnard [2007] NSWSC 1217

HEARING DATE(S) : 04/10/07, 09/10/07, 10/10/07

JUDGMENT DATE : 31 October 2007

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Asset freezing orders to be made in respect of two defendants up to 11 February 2008; Asset disclosure orders to be made in respect of the same defendants; Liberty to apply to be reserved

CATCHWORDS : CORPORATIONS - jurisdiction in respect of property of "relevant person" where ASIC investigation in progress - application by ASIC for freezing orders in respect of property of two "relevant persons" and property of two other persons - where ASIC alleges that "relevant persons" have equitable interests in property owned by the other persons - whether the other persons may be subjected to orders under s.1323 - consideration of interests of "aggrieved persons" - where investigation in progress for 20 months - whether asset disclosure orders should be made in support of freezing orders

Australian Securities and Investments Commission Act 2001 (Cth), ss.12GF, 19, 50 LEGISLATION CITED : Corporations Act 2001 (Cth), ss.1041I, 1323, 1324(10), 1325(5)(e) Crimes Act 1900, s.178BB Family Law Act 1975 (Cth), s.79

Anglo-Italian Bank v Davies (1878) 9 ChD 275 Australian Securities and Investments Commission v Banovec (No 2) [2007] NSWSC 961 Australian Securities and Investments Commission v Burnard [2006] NSWSC 611 Australian Securities and Investments Commission v Carey (No 6) (2006) 58 ACSR 141 Australian Securities and Investments Commission v Ivey (1998) 29 ACSR 391 Australian Securities and Investments Commission v Krecichwost [2007] NSWSC 948 Australian Securities and Investments Commission v Wiggins (1998) 30 ACSR 190 Baumgartner v Baumgartner (1987) 164 CLR 137 Calverley v Green (1984) 155 CLR 242 Cardile v LED Builders Pty Ltd (1999) 198 CLR 380 Chief Commissioner of Stamp Duties v Buckle (1995) 38 NSWLR 574 Chief Commissioner of Stamp Duties v Buckle (1998) 192 CLR 226 Corin v Patton (1990) 169 CLR 540 CPT Custodian Pty Ltd v Commissioner of State Revenue (2005) 224 CLR 98 DKLR Holding Co (No 2) Pty Ltd v Commissioner of Stamp Duties (1982) 149 CLR 431 CASES CITED : Flinn v Flinn [1999] 3 VR 712 Giumelli v Giumelli (1999) 196 CLR 101 Hayes v O'Sullivan (2001) 24 WAR 40 Re HIH Insurance Ltd; Australian Securities and Investments Commission v Adler (2001) 38 ACSR 266 Ideal Bedding Co Ltd v Holland [1907] 2 Ch 157 Ioppolo v Ioppolo (unreported, WASC, Full Court, 13 November 1978) Jones v Dunkel (1959) 101 CLR 298 Lightfoot v Lightfoot (unreported, WASC, 27 February 1991) Mullane v Mullane (1983) 158 CLR 436 Mushinski v Dodds (1985) 160 CLR 583 Napier v Public Trustee (WA) (1980) 55 ALJR 1 Peldan v Anderson (2006) 227 CLR 471 Re Richstar Enterprises Pty Ltd; Australian Securities and Investments Commission v Carey (No 3) (2006) 57 ACSR 307 Richstar Enterprises Pty Ltd v Carey (No 5) (2006) 58 ACSR 6 Re Suco Gold Pty Ltd (1983) 33 SASR 99 Vacuum Oil Co Ltd v Wiltshire (1945) 72 CLR 319