ASIC v Atlantic 3 Financial (Aust) Pty Ltd (No 3)

[2003] QSC 386

Supreme Court of Queensland

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Interrogate

Catchwords

1. Corporations
2. › Managed investment schemes
3. › Unregistered schemes
4. › Winding up by court
5. › Court's power to make orders during winding up
6. › Orders to facilitate resolution of issues arising in course of winding up
7. › Corporations Act 2001 (Cth), s 601EE(2)
1. Equity
2. › Equitable lien
3. › Court-appointed officers
4. › Lien over assets for remuneration and expenses
5. › Whether court-appointed accountants in roles analogous to receivers entitled to equitable lien
6. › Whether lien extends to all assets of appointment not merely those under control
1. Equity
2. › Injunctions
3. › Interlocutory injunctions
4. › Protection of equitable lien
5. › Whether injunctive relief appropriate to restrain transfer of assets pending payment of court-appointed officers' fees
1. Corporations
2. › Receivers
3. › Court-appointed receivers
4. › Remuneration
5. › Right to remuneration from assets of appointment
6. › Whether right extends beyond assets actually under receiver's control
7. › UCPR r 269

Quick Take

Court-appointed accountants serving as investigative accountants or supervising accountants in the winding up of unregistered managed investment schemes under s 601EE(2) of the Corporations Act 2001 (Cth) are entitled to the same protection as court-appointed receivers, including an equitable lien over scheme assets for their fees and expenses. Injunctive relief may be granted to protect that lien where scheme assets are about to be transferred without provision for payment. The lien in respect of any particular scheme cannot exceed the value of the assets held in that scheme.