Thompson v ASIC [2002] FCA 512

Thompson v ASIC [2002] FCA 512

ASIC may issue a stop order under s 739 of the Corporations Act 2001 (Cth) even after the close of an offer under a disclosure document, provided it remains possible for the issue, sale or transfer of the securities to be prevented, reflecting the Act's protective purpose and s 739's ambit.

Jurisdiction
Australia
Judgment Date
26 April 2002
Procedural Posture
Application for Judicial Review / Final Judgment at First Instance
Outcome
application dismissed
Legal Topics
['asic Stop Order Power' 'construction of S 739 Corporations Act 2001 (cth)' 'fundraising Provisions' 'judicial Review Under ADJR Act']
['corporations Law' 'administrative Law'] ['asic Stop Order Power' 'construction of S 739 Corporations Act 2001 (cth)' 'fundraising Provisions' 'judicial Review Under ADJR Act']

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Procedural Posture

Application for Judicial Review / Final Judgment at First Instance

Legal Issues

  1. 1 ["Whether ASIC's power to issue a stop order under s 739 of the Corporations Act 2001 (Cth) ceases when an offer under a disclosure document closes" 'Proper construction of s 739 regarding timing and ambit of stop order powers']

Ratio Decidendi

ASIC may issue a stop order under s 739 of the Corporations Act 2001 (Cth) even after the close of an offer under a disclosure document, provided it remains possible for the issue, sale or transfer of the securities to be prevented, reflecting the Act's protective purpose and s 739's ambit.

Court Disposition

application dismissed

Orders

  • ['The application be dismissed.' 'The applicants pay the costs of the Australian Securities and Investment Commission.']