Re Investa Properties Ltd

In this matter, the parties involved were Investa Properties Ltd, the first responsible entity of a managed investment scheme, and the Australian Securities and Investments Commission. The dispute arose from the ownership of property held by the scheme and the registration of charges against that property. The matter was heard in the Federal Court of Australia. The central legal issues before the court were whether the appointment of a new responsible entity to the scheme resulted in a transfer of ownership of the scheme's property, and whether the registration of a charge against the property was valid despite delays and errors by the solicitors involved.

The court examined the statutory framework governing managed investment schemes and found that the appointment of a new responsible entity did not, in itself, result in a transfer of ownership of the scheme's property. The court also considered the circumstances surrounding the registration of the charge and found that while there had been delays and errors by the solicitors, the responsible entity had reasonably relied on the advice provided by the solicitors. The court held that the registration of the charge was valid, and that the responsible entity was entitled to relief from the consequences of the delay and error. The court found in favour of Investa Properties Ltd and granted the relief sought.

The final orders of the court included a declaration that the appointment of a new responsible entity to the scheme did not result in a transfer of ownership of the scheme's property, and that the registration of the charge against the property was valid. The court also ordered that the Australian Register of Company Charges be rectified to reflect the valid registration of the charge. Additionally, the court ordered that the responsible entity be compensated for the costs associated with the proceedings.