Justice Barrett of the Supreme Court of New South Wales today made orders against Mr Neil Burnard and Palentia Pty Ltd (formerly known as Kebbel (NSW) Pty Ltd) (Palentia).

The Court ordered that asset preservation orders continue against Mr Burnard and Palentia until 11 February 2008.

The orders prevent Mr Burnard and Palentia from disposing of any assets subject to Mr Burnard and Palentia paying certain expenses including ordinary living and operating expenses, school fees for Mr Burnard’s children, and legal expenses.

The Court also ordered 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 the Australian Securities and Investments Commission (ASIC) a full and detailed affidavit setting out details of all assets and liabilities.

The proceedings have been stood over to 10:00am on Monday 11 February 2008.

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 Pty Ltd(BDI). 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 on 31 October 2007.

On 31 October 2007, the Court discharged the orders against Ms Robins and BDI but indicated that asset preservation orders would continue against Mr Burnard and Palentia, pending the finalisation of orders in accordance with the reasons for judgment.