Australian Securities and Investments Commission v Letten (No 11)

In the case of Australian Securities and Investments Commission v Letten (No 11), the Australian Securities and Investments Commission (ASIC) brought proceedings against various defendants, including Low Head Pty Ltd, in relation to several investment schemes that were wound up by the court. ASIC sought orders regarding the sale of certain properties and the management of these schemes by receivers and managers appointed by the court. The defendants, including Low Head Pty Ltd, contested the orders sought by ASIC. The central issue before the court was whether the receivers and managers appointed by the court had the authority to sell certain properties and enter into contracts for the sale of these properties as they had done.

The court examined the authority of the receivers and managers under the Corporations Act 2001 (Cth) and the orders made by the court on 25 February 2010. The court found that the receivers and managers had the requisite authority to sell the properties and enter into contracts for their sale, provided that these actions were in accordance with the directions set out in the court orders. The court considered the nature and identity of the property, the claims by third parties, the identities of investors, and the nature of their investment, as required by the court's orders. The court held that the receivers and managers had properly exercised their authority and that their actions were justified. The court also considered the need for confidentiality in certain documents and transcripts related to the proceedings.

The court made several orders in relation to the sale of certain properties and the management of the investment schemes. The court confirmed that the receivers and managers were justified in settling the contract of sale for the land, buildings, and fixtures located at 128-136 Low Head Road, George Town, Tasmania, and the Low Head Tourist Park business located at 136 Low Head Road, George Town, Tasmania. The court also allowed the secured lender, Tasmanian Perpetual Trustees Limited, to enter into possession of the property at 40 Gunn Parade, Low Head, Tasmania. The court ordered that certain documents and transcripts be kept confidential and that there be no publication of these materials other than to specified parties. The court reserved costs and adjourned the proceedings to a later date.