LAWFUEL – The Australia & NZ Legal Newswire – The Australian Securities and Investments Commission (ASIC) has today obtained an extension to orders made by the Federal Court preserving the assets of Mr Graeme Rundle and the trusts associated with him. In April 2006, the Court made orders appointing receivers to Mr Rundle to identify and preserve these assets. Today’s orders, obtained by consent, have the effect of freezing Mr Rundle’s assets and any trusts associated with him, and generally prohibiting any dealings with those assets.
The orders permit Mr Rundle to use funds up to certain limits set by the Court for his living, legal and accounting expenses. Mr Rundle is required to report his expenditures to ASIC on a monthly basis. The new orders also retain the travel restraints imposed on Mr Rundle by the previous orders made by the Court. ASIC commenced proceedings in the Federal Court in Perth in March 2006 seeking the appointment of receivers to the property of certain officers and former officers of the Westpoint Group of Companies (including Mr Rundle) and various companies, which are members of the Westpoint Group.
The application was brought under s 1323 of the Corporations Act 2001 (Cth). ASIC’s application was ultimately heard before the Honourable Justice French on 12 April 2006, who handed down a decision on 20 April 2006, agreeing to appoint receivers to the respondents’ property. For further information contact: Angela Friend ASIC Media Unit Telephone: 03 9280 3338 Mobile: 0412 058 800