Basis Capital Funds Management Limited v BT Portfolio Services Limited (ACN 095 055 208) [2008] NSWSC 555

Reported Decision : 66 ACSR 580

New South Wales Supreme Court

CITATION : Basis Capital Funds Management Limited v BT Portfolio Services Limited (ACN 095 055 208) [2008] NSWSC 555

HEARING DATE(S) : 2 June 2008 JUDGMENT OF : Hammerschlag J

EX TEMPORE JUDGMENT DATE : 2 June 2008

DECISION : ANZ Nominesss Limited appointed representative defendant for continuing unit holders

CATCHWORDS : PRACTICE AND PROCEDURE – Application to appoint parties as representatives of investors in certain managed investment schemes in respect of proceedings concerning the entitlements of those investors under the schemes – Uniform Civil Procedure Rules 2005 (NSW), r 7.6 – Application opposed by proposed representatives – Factors relevant to the exercise of discretion under r 7.6 – Determinative factor whether appointment of representative would be expedient and save expense

LEGISLATION CITED : Uniform Civil Procedure Rules 2005 (NSW) Corporations Act 2001 (Cth)

CASES CITED : Avanteos Investments Limited (2008) NSWSC 370

Basis Capital Funds Management Limited as Responsible Entity of Basis Yield Fund (ARSN 107 898 948) PARTIES : Basis Aust-Rim Diversified Fund (ARSN 099 160 095) BT Portfolio Services Limited (ACN 095 055 208) and Others (according to the Schedule attached)

FILE NUMBER(S) : SC 1137/2008

I M Jackman SC with JR Williams (Plaintiffs) P Kulevski (First Defendant) A G Bell SC (Second Defendant) COUNSEL : R M Foreman (Third Defendant) M. Moshinsky SC (Fourth Defendant) A Leopold SC with N C T Bilinsky for Bond Street Custodians Limited P J Brereton for Asgard Ms Chater, Solicitor, for WA Local Government Superannuation Plan Pty Limited