Australian Securities and Investments Commission v Helou (No 2) [2020] FCA 1650

Australian Securities and Investments Commission v Helou (No 2) [2020] FCA 1650

Given the admitted contraventions by both defendants in being knowingly concerned in continuous disclosure failures, and applying principles of deterrence, proportionality, and the interests of efficient and reliable capital markets, it is appropriate that Mr Helou be disqualified from managing corporations for three years and Mr Hingle for two years, with limited leave granted to manage specified companies under strict conditions.

Jurisdiction
Australia
Judgment Date
13 November 2020
Procedural Posture
Civil / Final Judgment, Declarations and Orders After Admissions
Outcome
Declarations of contravention against both defendants; disqualification orders made; leave to manage specified corporations granted with conditions; costs orders made against both defendants.
Legal Topics
['continuous Disclosure' 'disqualification of Directors' 'corporate Management' 'admission of Contraventions' 'asic Proceedings']
['corporations Law' 'commercial Law'] ['continuous Disclosure' 'disqualification of Directors' 'corporate Management' 'admission of Contraventions' 'asic Proceedings']

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Procedural Posture

Civil / Final Judgment, Declarations and Orders After Admissions

Legal Issues

  1. 1 ['Whether the defendants were knowingly involved in contraventions of continuous disclosure provisions under the Corporations Act 2001 (Cth)' 'Whether the disqualification of the defendants from managing corporations is justified and for what period' 'Whether leave should be granted to the defendants to manage certain corporations during their disqualification period']

Ratio Decidendi

Given the admitted contraventions by both defendants in being knowingly concerned in continuous disclosure failures, and applying principles of deterrence, proportionality, and the interests of efficient and reliable capital markets, it is appropriate that Mr Helou be disqualified from managing corporations for three years and Mr Hingle for two years, with limited leave granted to manage specified companies under strict conditions.

Court Disposition

Declarations of contravention against both defendants; disqualification orders made; leave to manage specified corporations granted with conditions; costs orders made against both defendants.

Orders

  • ['First defendant Gary Helou is declared to have contravened ss 674(2A) and 675(2A) on various occasions between 8 March and 27 April 2016 by being knowingly concerned in contraventions of ss 674(2) and 675(2); disqualified from managing corporations for 3 years pursuant to s 206E; granted leave under s 206G to...