Bernard's wife banned from trust asset sales in Westpoint case

Jennifer Lee Robbins, the wife of the first person charged over the Westpoint collapse, will have to inform the Australian Securities and Investment Commission before disposing of any properties held by the family trustee under a Supreme Court of NSW order.

The full text of an announcement from the Australian Securities and Investment Commission

The Supreme Court of New South Wales today made orders ex parte against Ms Jennifer Lee Robbins and BDI Pty Ltd as part of proceedings against Mr and Palentia Pty Ltd, formerly known as Kebbel (NSW) Pty Ltd (Palentia).

The orders were made following an urgent application by the Australian Securities and Investments Commission (ASIC).

ASIC became aware that certain property of BDI had been sold or was currently on the market.

Ms Robbins is the wife of Mr Burnard. BDI is the trustee of several trusts of which members of the Burnard family are beneficiaries.

Mrs Robbins is the only shareholder of BDI and Ms Robbins and Mr Burnard are the sole directors.

Justice Brereton made orders preventing Ms Robbins and BDI from selling or disposing of certain properties without first having given ASIC 14 clear days written notice of its intention to do so.

In relation to other properties which have already been sold, Justice Brereton directed BDI to pay the proceeds of sales into an interest-bearing account with the National Australia Bank in the name of BDI and to not transfer or otherwise deal with the proceeds without first having given ASIC 14 clear days written notice of its intention to do so.

ASIC has previously obtained orders from the Federal Court to restrain Mr Burnard from leaving the country and to deliver up all passports, as well as orders preventing Mr Burnard and Palentia from disposing of their assets until 5.00 pm on 29 January 2007, subject to the payment of certain expenses as authorised by the Court.

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

The matter will return to the New South Wales Supreme Court for further hearing at 10.00am on 29 January 2007.