Australian Securities and Investments Commission v Drake (no2) [2016] FCA 1552
23-12-16 / Damian Clothier KC, Steven Forrest, Sam McCarthy — Commercial Equity, Corporations
This proceeding was brought by the Australian Securities and Investments Commission against the directors of the former LM Group of companies. The trial concerned allegations by ASIC of breach of directors' duties against five directors of a corporate trustee of a managed investment scheme.
Whether a beneficiary under a discretionary trust has a proprietary interest in the trust property, which may be considered ‘property’ for the purposes of the Bankruptcy Act 1966 (Cth), when the beneficiary has effectively controlled the trustee’s power of selection. Whether a trustee in bankruptcy of a beneficiary of a discretionary trust has…
Whether an appeal from a single judge of the New South Wales Supreme Court concerning the construction of s.58 of the Bankruptcy Act 1966 must be brought in the Full Federal Court of Australia because of the operation of the Jurisdiction of Courts (Cross-vesting) Act 1987 (Cth).
Kadam v MiiResorts Group 1 Pty Ltd [2016] FCA 1205
12-10-16 / Matthew Hickey OAM KC, Shane Monks — Class Actions, Corporations, Commercial Equity
This was an interlocutory application in a closed class representative proceeding. The applicants contend they represent a community action group of 46,000 Indian investors. That group (they say) is a subset of a group of some 58.5 million people who invested more than $9 billion in a Ponzi scheme in India,…
