Anais D'Arville
Solicitor
Roger Forbes
Partner
T +61 2 9296 2150
Kathleen Harris
Special Counsel
Sydney
Ashley Black
Karen Coleman
Kate Mills
Melbourne
Chris Fox
John Waters
ASIC has vowed to commence fresh proceedings to continue to seek compensation for Westpoint investors, despite a recent ruling that ASIC could not take over proceedings that had been instituted by the liquidators of various mezzanine companies against directors and officers of those companies on the basis that those directors and officers had misapplied funds raised by the mezzanine companies.
On 27 June 2008, the Federal Court held that while section 50 of the ASIC Act authorised the institution of proceeding by ASIC, it did not entitle ASIC to take over proceedings that had been instituted by the liquidators. However, Finkelstein J indicated that he would order that steps taken in the original proceedings would be deemed to be steps taken in the new proceedings, once instituted by ASIC.
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