Australian Securities and Investments Commission v Koops [2010] FCA 20

Australian Securities and Investments Commission v Koops [2010] FCA 20

Given the risk that the defendants' departure from Australia could frustrate the interests of potential claimants to compensation arising from their conduct as directors of LKM, and that unsecured undertakings would not adequately manage that risk, it is necessary and desirable to make orders restraining the defendants from leaving Australia and requiring surrender of their passports, for a temporally limited period corresponding to the anticipated completion of ASIC's investigation.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Rolf Koops; Second Defendant: Sandra Martin
Jurisdiction
Australia
Judgment Date
25 January 2010
Procedural Posture
Application / Interlocutory
Outcome
Orders made as sought by ASIC, with time limitation to 31 May 2010 or until further order.
Legal Topics
Interlocutory Relief, Passport Surrender, Asset Protection, Directors' Duties, ASIC Investigations
Corporations Law Interlocutory Relief Passport Surrender Asset Protection Directors' Duties ASIC Investigations

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Parties

Australian Securities and Investments Commission

Plaintiff

Rolf Koops

First Defendant

Sandra Martin

Second Defendant

Procedural Posture

Application / Interlocutory

Legal Issues

  1. 1 Whether orders should be made requiring the defendants to surrender passports and prohibiting them from leaving Australia pending ASIC investigation under ss 1323(1)(j) and (k) of the Corporations Act 2001 (Cth)

Ratio Decidendi

Given the risk that the defendants' departure from Australia could frustrate the interests of potential claimants to compensation arising from their conduct as directors of LKM, and that unsecured undertakings would not adequately manage that risk, it is necessary and desirable to make orders restraining the defendants from leaving Australia and requiring surrender of their passports, for a temporally limited period corresponding to the anticipated completion of ASIC's investigation.

Court Disposition

Orders made as sought by ASIC, with time limitation to 31 May 2010 or until further order.

Orders

  • Rolf Koops to deliver up all passports and international travel tickets to the Sydney Registry by 12 noon, 27 January 2010, to be held until 31 May 2010 or further order.
  • Rolf Koops restrained from leaving Australia without the court's consent until 31 May 2010 or further order.