Senior counsel for ASIC in the Federal Court on application to wind up two unregistered managed investment schemes known as the Mews Retirement Village and Rosedale Retirement Village and in related proceedings. Also acted for ASIC on appeal to the Full Federal Court and before the High Court.
The decision considered closely the powers of a court appointed receiver to wind up the schemes under the provisions of the corporations act and under the inherent powers of the court.
The decision of the federal court concerning the powers of the receiver is here
The decision winding up the promoter of the scheme is here
In related proceedings, Western Retirement Village Management Pty Ltd v ASIC the appellant promoter of the scheme unsuccessfully appealed the appointment of the receivers, the powers of sale and the scope of the property of the scheme to the full federal court.
In Rosedale Action Inc. v Hon Justice Finkelstein in the High Court, resisting an application for orders nisi under section 75(v) of the Constitution directed to a judge of the Federal Court. A party asserting rights under scheme management agreements unsuccessfully sought injunctive relief compelling the trial judge to revisit the appointment of the receiver.