Australian Securities and Investments Commission v Stuart Karim Ariff [2009] NSWSC 829

New South Wales Supreme Court

CITATION : Australian Securities and Investments Commission v Stuart Karim Ariff [2009] NSWSC 829

HEARING DATE(S) : 18 August 2009 JUDGMENT OF : Bergin CJ in Eq

EX TEMPORE JUDGMENT DATE : 18 August 2009

DECISION : Liquidator prohibited from holding office for life - ordered to pay compensation

CATCHWORDS : [LIQUIDATORS] - supervision by the Court - inquiry pursuant to s 536 of Corporations Act 2001 - consent orders

LEGISLATION CITED : Corporations Act 2001 (Cth)

Australian Securities and Investments Commission v Edge [(2007) 211 FLR 137 CASES CITED : Australian Securities and Investments Commission v Elm Financial Services Pty Ltd & Ors (2005) 55 ACSR 411 Wambo Coal Pty Ltd v Ariff (2007) 63 ACSR 429

PARTIES : Australian Securities and Investments Commission (Plaintiff) Stuart Karim Ariff (Defendant)

FILE NUMBER(S) : SC 3788 of 2008

COUNSEL : D Stack (Plaintiff) P Wright (Defendant)

SOLICITORS : Kim Turner/ASIC (Plaintiff) Brown Wright Stein (Defendant)

- 13 - IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION

BERGIN CJ IN EQ

18 AUGUST 2009

3788 OF 2008 AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v STUART KARIM ARIFF JUDGMENT 1 These proceedings are brought by the plaintiff, Australian Securities and Investments Commission (ASIC), against the defendant, Stuart Karim Ariff. The application is made under a variety of sections of the Corporations Act 2001 (Cth) (the Act) but for present purposes focus has been centred on s 536 which provides relevantly as follows:

536 Supervision of liquidators (1A) In this section: liquidator includes a provisional liquidator.