Disclosure and financial reporting requirements relaxed for Administrators

The Federal Court in Owen, in the matter of RiverCity Motorway Pty Ltd v Madden (No 3) [2012] FCA 313 (RiverCity No 3) has confirmed that administrators of companies controlling managed investment schemes are exempted from many of the usual duties and obligations imposed on responsible entities, and contained in the Corporations Act 2001 (Cth). This follows the decision of Norman and others v FEA Plantations Ltd (2010) 191 FCR 39 (Norman's Case) which held that receivers are not included in the definition of "officer" (and therefore subject to the duties imposed by the Act) for the purposes of managed investment schemes.