The Supreme Court of New South Wales yesterday extended orders against former Kebble Investments director Neil Burnard.
The extended orders followed an urgent ex parte application made by the Australian Securities and Investments Commission on 2 June 2006.
The orders issued by Justice Palmer also restrains Burnard from leaving Australia and from coming within 500 metres of an Australian point of overseas departure.
Justice Palmer extended orders preventing Burnard and Palentia (formerly known as Kebble NSW) from disposing of any assets until 5.00 pm on 25 July 2006.
The orders permit Burnard and Palentia paying certain expenses including ordinary living and operating expenses, school fees for Mr Burnard’s children, legal expenses incurred in these proceedings up to set amounts and payments servicing loan facilities with ‘arms length’ financial institutions.
Burnard is required to deliver up all passports to the court. He is also restrained from applying for the issue of a new passport and from taking any steps in connection with an application for a British passport.
Justice Palmer declined to make orders requiring the defendants to file affidavits of their assets.
The parties have liberty to apply to the Court in relation to these orders.
The matter will return to the Corporations List in the New South Wales Supreme Court for further hearing at 10.00am on 25 July 2006.
ASIC is also seeking an order for the winding up of Palentia and an order freezing the assets of a related company, Tenala Pty Ltd. The Court declined to extend an interim order freezing the assets of Tenala. No orders have been made in respect to the application to wind up Palentia.
By Ted McDonnell
