Court orders against Kebbel extended

26 July 2006

The Supreme Court of New South Wales has further extended orders preventing the sole director of Palentia, formerly known as Kebbel, from disposing of his assets and leaving the country.

Kebbel was associated with the promotion of the failed Westpoint products.

Justice Barrett’s orders, already extended previously in June, prevent Neil Burnard and Palentia from disposing of their assets until 5pm on October 23, 2006.

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The orders do permit Burnard and Palentia to pay certain expenses including ordinary living and operating expenses, school fees for Burnard’s children, legal expenses incurred in these proceedings up to set amounts, and payments servicing loan facilities with ‘arms length’ financial institutions.

Justice Barrett also continued orders restraining Burnard from leaving Australia and from coming within 100 metres of an Australian point of overseas departure.

Burnard was previously required to deliver up all passports to the court and he continues to be restrained from applying for a new passport.

The orders follow the Australian Securities and Investments Commission’s (ASIC) ex parte application on June 2, after the corporate regulator received anonymous information that Burnard intended to emigrate from Australia to the US.

The matter returns to court for further hearing at 10am on October 23.

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