LAWFUEL – The Law Newswire – Justice McDougall, in the Supreme Court of New South Wales, today delivered a judgment rejecting applications made by former Fincorp directors, Mr Graeme Byers and Mr Craig Stubbs, which sought to overturn freezing orders preventing the dispersal of their assets.
The freezing orders, initially obtained ex parte by the Australian Securities and Investments Commission (ASIC) on 5 July 2007, restrain the named former directors of Fincorp Investments Limited (Administrators Appointed) from removing or causing or permitting to be removed from New South Wales and from Australia all or any of their assets and from selling, charging, mortgaging or otherwise dealing with or disposing of all or any of their assets, apart from reasonable living and other expenses.
On 16 July 2007, these freezing orders were continued for varying periods, with some matters being listed to return to Court to consider various applications by a number of the defendants.
On 13 August 2007, by consent, the orders were continued against Mr Peter Pengilley, Mr Neil Livingstone and Mrs Deborah Livingstone. Mr Graeme Byers and Mr Craig Stubbs sought to have the orders revoked.
Justice McDougall rejected the defendants’ applications and made orders continuing the asset preservation orders against each of the defendants until 15 October 2007. He also made orders requiring each of the two defendants to file affidavits disclosing assets of each of the directors.
Related proceedings, involving Macarthur Investment Group Pty Limited and applications filed by York Capital Limited and Fincorp Development Pty Limited (in Liquidation), have been stood over to 23 August 2007.
ASIC’s investigations are continuing.