Rubicon Asset Management Limited [2009] NSWSC 1068

Reported Decision : 74 ACSR 346 77 NSWLR 96

New South Wales Supreme Court

CITATION : Rubicon Asset Management Limited [2009] NSWSC 1068

HEARING DATE(S) : 17 September 2009

JUDGMENT DATE : 8 October 2009

JURISDICTION : Equity Division

JUDGMENT OF : McDougall J at 1

DECISION : See paragraphs [72] to [77] of the judgment.

CATCHWORDS : COMPANIES - managed investment schemes - winding up - whether just and equitable - where responsible entity insolvent - whether to order winding up be paid for from funds held by responsible entity - scope of power to make directions about winding up - whether discretionary reasons not to make order sought.

LEGISLATION CITED : Corporations Act 2001

CATEGORY : Principal judgment

Australian Securities and Investments Commission v ABC Fund Managers Ltd (No.3) [2001] VSC 397 Australian Securities and Investments Commission v Atlantic 3 Financial (Aust) Pty Ltd (No.3) [2004] 1 Qd R 591 Australian Securities and Investments Commissions v Commercial Nominees of Australia Ltd (2002) 42 ACSR 240 CASES CITED : Australian Securities and Investments Commission v Knightsbridge Managed Funds Ltd [2001] WASC 339 Australian Securities and Investment Commission v Takaran Pty Ltd (No.2) (2002) 43 ACSR 334 Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567

Rubicon Asset Management Limited (Administrators appointed) (First Plaintiff) PARTIES : Michael Andrew Owen (Second Plaintiff) Paul Andrew Billingham (Third Plaintiff)

FILE NUMBER(S) : SC 3678/09

C R C Newlinds SC / R C A Higgins (Plaintiffs) COUNSEL : A G Bell SC / J Hynes (National Australia Bank) M P Cleary (Shinsei Bank)