Australian Securities and Investments Commission v Dawson [2020] FCA 1144

Australian Securities and Investments Commission v Dawson [2020] FCA 1144

On the evidence, including affidavits showing manipulation of company names, use of another entity's AFS licence, and investor funds transfers, there is sufficient basis to make interim ex parte orders restraining dealing with assets, appointing receivers, and restraining the first defendant from departure, to secure potential investor funds and protect the integrity of any proceedings.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Larry John Dawson; Second Defendant: PW Kitt Co Pty Ltd (ACN 635 767 047)
Jurisdiction
Australia
Judgment Date
07 August 2020
Procedural Posture
Corporations Ex Parte Application / Interim Interlocutory Orders Granted Ex Parte
Outcome
Interim ex parte orders granted as sought by ASIC
Legal Topics
Appointment of Receiver, Injunctions, Freezing Orders, Restraints on Leaving Jurisdiction, Financial Services Regulation
Corporations Law Commercial Law Consumer Protection Appointment of Receiver Injunctions Freezing Orders Restraints on Leaving Jurisdiction Financial Services Regulation

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Parties

Australian Securities and Investments Commission

Plaintiff

Larry John Dawson

First Defendant

PW Kitt Co Pty Ltd (ACN 635 767 047)

Second Defendant

Procedural Posture

Corporations Ex Parte Application / Interim Interlocutory Orders Granted Ex Parte

Legal Issues

  1. 1 Whether interim ex parte orders should be granted restraining defendants from dealing with property and appointing receivers under s 1323 of the Corporations Act 2001 (Cth)
  2. 2 Whether the court should restrain the first defendant from leaving Australia
  3. 3 Whether defendants have engaged in unlicensed or misleading financial conduct

Ratio Decidendi

On the evidence, including affidavits showing manipulation of company names, use of another entity's AFS licence, and investor funds transfers, there is sufficient basis to make interim ex parte orders restraining dealing with assets, appointing receivers, and restraining the first defendant from departure, to secure potential investor funds and protect the integrity of any proceedings.

Court Disposition

Interim ex parte orders granted as sought by ASIC

Orders

  • Appointment of Receivers and Managers over First and Second Defendants' property and assets to report within 42 days
  • Defendants restrained from dealing with, disposing of or diminishing value of property or assets