Adler & Anor v Australian Securities and Investments Commission [2002] NSWCA 303

Adler & Anor v Australian Securities and Investments Commission [2002] NSWCA 303

A limited stay of the disqualification order is justified only to permit Mr Adler to act as director of Adler Corporation for the purposes of instructing lawyers in the conduct of the appeal and selling assets to pay penalties and compensation; no wider stay is warranted, as the public interest in corporate regulation overrides his private interests and no sufficient hardship has been shown.

Parties
Claimant: Rodney Stephen Adler; Claimant: Adler Corporation Pty Ltd; Opponent: Australian Securities and Investments Commission
Jurisdiction
Australia
Judgment Date
09 September 2002
Procedural Posture
Civil Appeal / Interlocutory Application for Stay Pending Appeal
Outcome
Order for limited stay of disqualification pending appeal; notice of motion otherwise dismissed; claimants to pay opponent's costs.
Legal Topics
Disqualification From Managing Corporations, Stay of Orders Pending Appeal, Penalties and Compensation
Corporations Law Disqualification From Managing Corporations Stay of Orders Pending Appeal Penalties and Compensation

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Parties

Rodney Stephen Adler

Claimant

Adler Corporation Pty Ltd

Claimant

Australian Securities and Investments Commission

Opponent

Procedural Posture

Civil Appeal / Interlocutory Application for Stay Pending Appeal

Legal Issues

  1. 1 Whether a stay of order for disqualification from managing corporations should be granted pending appeal
  2. 2 Whether a stay of penalty and compensation orders should be granted pending appeal

Ratio Decidendi

A limited stay of the disqualification order is justified only to permit Mr Adler to act as director of Adler Corporation for the purposes of instructing lawyers in the conduct of the appeal and selling assets to pay penalties and compensation; no wider stay is warranted, as the public interest in corporate regulation overrides his private interests and no sufficient hardship has been shown.

Court Disposition

Order for limited stay of disqualification pending appeal; notice of motion otherwise dismissed; claimants to pay opponent's costs.

Orders

  • Order that order 1 made by Santow J on 6 June 2002 be stayed pending determination of the appeal to the extent necessary to permit Mr Adler to continue as a director of Adler Corporation for the purposes of instructing lawyers to prosecute the appeal and selling assets to pay penalties and compensation.
  • Notice of motion otherwise dismissed.