The court said it was "on the cards" that five of the executives may face criminal proceedings initiated against them in relation to their roles in the $300 million kickbacks to Iraq scandal.

But, Justice Ross Robson said it was not "on the cards" that AWB former chief executive Andrew Lindberg would face criminal charges, and ASIC's case against Mr Lindberg would begin in early February.

ASIC was suing the AWB executives for alleged breaches of fiduciary duties.

The court in July heard that at least one of the executives, Charles Stott, had been told by the oil-for-food taskforce, the multi-agency investigation unit led by the federal police, that he was likely to have criminal charges laid against him before Christmas.

Justice Robson this morning said that if a criminal case began, the civil cases would have to be stayed anyway.

"The defendants may have expended not insignificant resources to defend themselves from pecuniary penalties which probably will be wasted," the judge said.

"I expect that the defendants do not have unlimited resources.

"I do not consider it either fair or just that a defendant should have to waste resources that could be used in defending the criminal proceeding, in defending civil penalty proceedings that are likely to be terminated in consequence of a decision of the plaintiffs, or another arm of the State, to institute criminal proceedings for an offence that is constituted by conduct that is substantially the same as the conduct alleged to constitute the contravention alleged in the civil penalty proceedings.

"I do not consider it fair or just that the defendant may have to unnecessarily duplicate the defence of his action.

"The matter is not made any fairer by the fact that if the State fails in the criminal proceeding, it can continue to pursue the civil penalty proceeding."

The judge then ordered that the civil cases be stayed until ASIC, the oil-for-food taskforce or the Commonwealth director of public prosecutions advises the defendants that no criminal case would be initiated against them.

The former AWB executives who face court actions are the former chairman Trevor Flugge, Paul Ingelby, Charles Stott, Peter Geary and Michael Long.

ASIC's case against Mr Lindberg will return to court for a directions hearing this month.