Australian Securities and Investments Commission in the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 17)

The case before the court involved a dispute between the Australian Securities and Investments Commission (ASIC) and various defendants, including Richstar Enterprises Pty Ltd ACN 099 071 968 and Carey. ASIC sought to continue asset preservation orders against some of the defendants, while discharging orders against others. The court had to decide whether the proposed orders were within its power and appropriate. The court accepted that the steps taken were practical and acceptable, and granted the amendments proposed by Mr McMaster to address specific issues. The court made several orders, including appointing receivers, restricting the defendants from dealing with certain property, and allowing withdrawals from specified accounts for particular purposes. The orders also included reporting requirements and travel restraints for the defendants. The court discharged existing orders against some defendants and extended orders against others until 31 January 2008. The parties had liberty to apply to vary or correct the orders.