Justice Barrett of the Supreme Court of New South Wales today delivered his judgment in respect of proceedings brought by ASIC against Mr Neil Burnard, Palentia Pty Ltd (formerly known as Kebbel (NSW) Pty Ltd) (Palentia), Ms Jennifer Robins and BDI Pty Ltd (BDI). ASIC had sought to continue asset preservation orders against those parties up to and including 11 February 2008, pending its further investigations. ASIC also asked the Court to make asset disclosure orders against those parties.

Justice Barrett indicated that asset preservation orders would be made against Mr Burnard and Palentia, subject to a proviso as to certain exceptions and qualifications sought by Mr Burnard and Palentia. The terms of the proviso are to be the subject of further submissions.

His Honour indicated that he would make directions for submissions on the precise form of the orders and on the matter of costs in due course. Asset preservation orders in respect of Mr Burnard and Palentia made initially on 27 August 2007 and continued, including by Justice Barrett on 4 and 10 October 2007, were extended pending the finalisation of orders in accordance with the reasons for judgment.

Justice Barrett also indicated that asset disclosure orders would be made against Mr Burnard and Palentia. These orders will require Mr Burnard and Palentia, except to the extent that a claim of privilege against self-incrimination or exposure to a civil penalty is made, to deliver to ASIC a full and detailed affidavit setting out details of all assets and liabilities.

Justice Barrett discharged existing asset preservation orders in respect of Ms Robins and BDI and also declined to make asset disclosure orders against those parties. Ms Jennifer Robins is Mr Burnard’s wife. BDI is the trustee of several trusts of which members of the Burnard family are beneficiaries.

The parties have liberty to apply to the Supreme Court in relation to the orders.

ASIC’s investigations are continuing.

Background

On 30 July 2007, the Supreme Court of New South Wales extended orders against Mr Burnard, Palentia formerly known as Kebbel (NSW) Pty Ltd, Ms Robins and BDI (the Burnard parties). These orders were extended by consent and without admissions to 20 August 2007.

On 27 August 2007, the Supreme Court of New South Wales extended orders against the Burnard parties. These orders were extended by consent until the delivery of Justice Barrett’s judgment today.