Adelaide Steamship Company

1904 Adelaide Steamship Company building constructed in Melbourne

1911 SS Yongala lost without trace (discovered in 1958)

1912 SS Koombana lost without trace

1914–1918 World War I – several ships were requisitioned

1915 Took over Coast Steamships Limited

1920 Liquidated and reconstructed

1920 Amalgamated Society of Engineers v Adelaide Steamship Co Ltd (The Engineers' Case)

1933 First John Martin's Christmas Pageant

1935 Formed Adelaide Airways Limited

1936 Purchased West Australian Airways

1936 Merged with Holyman's Airways to form Australian National Airways

1939 Currie St (Adelaide) building changed significantly

1939–1945 World War II – several ships were requisitioned

1940s Diversified into towage, shipbuilding, and the shipping of salt, coal and sugar.

1957 Sold Australian National Airways to Ansett Transport Industries

1964 Interstate fleet merged with McIlwraith, McEacharn & Co to form Associated Steamship Limited

1964 The world's first purpose-built container ship was constructed

1965 Acquired 40% interest in Bulkships

1968 Coast Steamships Limited no longer "retained its own identity"

1968 Bulkships acquired Associated Steamship Limited

1976 Tooth & Co acquired Penfolds

1977 Bulkships sold; ceased connection with ship owning and operating

1980 Acquired a substantial interest in David Jones

1980 Adelaide Steamship Company building in Melbourne destroyed

1981 Acquired Tooth & Co (via David Jones (Properties) Pty Ltd)

1981 Acquired Georges (via David Jones)

1982 Acquired Buckley & Nunn (via David Jones)

1983 Sold Tooth & Co brewing interests to Carlton & United Breweries

1985 Acquired John Martin's

1986 Currie Street building demolished to make way for the State Bank Building, completed in 1988

1989 Industrial Equity Limited purchased from Brierley Investments

1990 Wine interests sold to South Australian Brewing Company

1990 Share price crash

1991 Adsteam commenced liquidation of assets

1991 National Foods floated

1993 Woolworths floated

1993 Adsteam Marine created as the last remaining operational division of Adelaide Steamship Company.

1994 The Australian Taxation Office ruled to disallow IEL $524m of deductions regarding the Woolworth float

1994 "Adelaide Steamship Company (via ASIC) vs former Adsteam directors and auditors" commenced

1995 David Jones floated

1997 Adelaide Steamship Company renamed Residual Assco Group

1997 Adsteam Marine floated

1999 Liquidation of assets completed – Residual Assco Limited delisted – "Residual Assco has no operating businesses but remains active while several IEL tax disputes wind their way through the courts."

2000 "Residual Assco (via ASIC) vs former AdSteam directors and auditors" reached settlement

2001 Adsteam Marine acquired tug operations of Howard Smith for A$500m

2006 Adsteam Marine acquired by AP Moeller-Maersk

2007 Residual Assco's annual report notes that the group holds $429 million "on deposit pending resolution of the outstanding matters between IEL and the ATO"

2007 IEL given leave to challenge the ATO ruling

In 2006, it was acquired by AP Moeller-Maersk.

The proceedings involved numerous decisions and important regulatory outcomes, including:

In May 1994 proceedings were brought by Deloitte under the ADJR Act challenging ASIC'sdecision to begin and carry on the Adsteam proceedings. The ADJR proceedings took approximately two and a half years to be finally determined. ASIC's decision was ultimately upheld.

"The Adelaide Steamship Co Limited and Australian Securities and Investments Commission v Janis Gunars Spalvins, Michael James Kent, Neil Leslie Branford, Kenneth William Russell, Michael Stevenson Gregg, Deloitte Haskings & Sells and Deloitte Ross Tohmatsu", more concisely referred to as "Adelaide Steamship Co Ltd v Spalvins", This was an appeal by ASIC against an earlier ruling in favour of Spalvins et al. regarding client legal privilege. The appeal was only partially successful and ASIC were required to produce Counsel's advice on which privilege had been waived.

In June 1999 the High Court held that the constitution did not allow State judicial power to be vested in the Federal Court. As a result, the Adsteam proceedings, which had been brought in the Federal Court, could not proceed because the Federal Court did not have jurisdiction to hear them.

Following the introduction of the Federal Courts (State Jurisdiction) Act 1999 (SA), which was intended to address some of the effects of the decision in Re Wakim, an application was made in the Supreme Court of South Australia effectively to have the Adsteam proceeding transferred to that Court. The validity of the relevant provisions of the Federal Courts (State Jurisdiction) Act was challenged by some of the defendant directors. On 25 May 2000 the High Court upheld the validity of section 11 of that Act. (The application to have the matter transferred was still pending before the Supreme Court of South Australia at the time of the settlement.)