THE Supreme Court of New South Wales has rejected applications made by former Fincorp directors, which sought to overturn an order preventing them from disposing assets.
The freezing orders, initially obtained ex parte by the Australian Securities and Investments Commission on July 05 2007, restrain the former Fincorp directors, Graeme Byers and Craig Stubbs from disposing all or any of their assets, apart from reasonable living and other expenses.
On July 16 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.
And on August 13 2007, by consent, the orders were continued against Peter Pengilley, Neil Livingstone and Deborah Livingstone, whilst Byers and Stubbs sought to have the orders revoked.
Yesterday, Justice McDougall rejected the defendants’ applications and made orders continuing the asset preservation orders against each of the defendants until October 15 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 August 23 2007.
ASIC’s investigations are continuing.
Australian Property Journal
