Australian Securities and Investments Commission v Remedy Housing Pty Ltd [2021] FCA 673

Australian Securities and Investments Commission v Remedy Housing Pty Ltd [2021] FCA 673

On the basis of material before the Court, including the Bradshaw affidavit and ASIC's submissions, freezing orders and disclosure orders are warranted to prevent dissipation of assets and reveal asset locations; travel ban orders are warranted against certain individuals to ensure presence for compliance and investigation; adequate jurisdiction exists under s 1323 of the Corporations Act and s 23 of the Federal Court of Australia Act for these orders.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Remedy Housing Pty Ltd (ACN 637 023 851); Second Defendant: Brent Lindsay Smith; Third Defendant: Mahmoud Khodr; Fourth Defendant: Trevor Leota; Additional Respondent: May-Ann Smith; Additional Respondent: Juliana Khodr
Jurisdiction
Australia
Judgment Date
17 June 2021
Procedural Posture
Civil / Ex Parte Interlocutory Application for Freezing, Disclosure, and Travel Ban Orders
Outcome
Interlocutory freezing orders, disclosure orders and travel ban orders granted ex parte as sought by ASIC; matter to return for further hearing.
Legal Topics
Freezing Orders, Disclosure Orders, Travel Ban Orders, Regulation of Financial Services, Licensing, Misleading Conduct, Asset Dissipation, ASIC Powers
Corporations Law Commercial Law Insolvency Consumer Protection Freezing Orders Disclosure Orders Travel Ban Orders Regulation of Financial Services +4 more

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Parties

Australian Securities and Investments Commission

Plaintiff

Remedy Housing Pty Ltd (ACN 637 023 851)

First Defendant

Brent Lindsay Smith

Second Defendant

Mahmoud Khodr

Third Defendant

Trevor Leota

Fourth Defendant

May-Ann Smith

Additional Respondent

Juliana Khodr

Additional Respondent

Procedural Posture

Civil / Ex Parte Interlocutory Application for Freezing, Disclosure, and Travel Ban Orders

Legal Issues

  1. 1 Whether freezing, disclosure, and travel ban orders should be made under s 1323 of the Corporations Act and s 23 of the Federal Court of Australia Act to protect interests of persons who may become aggrieved.
  2. 2 Whether Remedy Housing Pty Ltd and associated individuals carried on a regulated business contrary to licensing and misleading conduct provisions.
  3. 3 Whether dissipation of assets and overseas transfers justifies relief sought.

Ratio Decidendi

On the basis of material before the Court, including the Bradshaw affidavit and ASIC's submissions, freezing orders and disclosure orders are warranted to prevent dissipation of assets and reveal asset locations; travel ban orders are warranted against certain individuals to ensure presence for compliance and investigation; adequate jurisdiction exists under s 1323 of the Corporations Act and s 23 of the Federal Court of Australia Act for these orders.

Court Disposition

Interlocutory freezing orders, disclosure orders and travel ban orders granted ex parte as sought by ASIC; matter to return for further hearing.

Orders

  • Freezing orders against Remedy Housing, Brent Lindsay Smith, Mahmoud Khodr, May-Ann Smith, and Juliana Khodr.
  • Disclosure orders against all defendants and additional individuals.