Australian Securities and Investments Commission v McCabe [2022] FCA 475

Australian Securities and Investments Commission v McCabe [2022] FCA 475

Given the evidence of an ongoing ASIC investigation, the critical role of Mr McCabe in the subject matter of the investigation, the risk that he may leave Australia thereby impeding both the investigation and prospects of recovery for aggrieved persons, and the proportionality and limited duration of the orders sought, it is necessary or desirable within the meaning of s 1323 of the Corporations Act to impose travel restriction and related orders.

Jurisdiction
Australia
Judgment Date
26 April 2022
Procedural Posture
Application for Travel Restriction Orders / Final Hearing and Determination of Application
Outcome
Application granted; travel restriction orders imposed against the first defendant.
Legal Topics
['travel Restriction Orders' 's 1323 of the Corporations Act' 'asic Investigations' 'asset Preservation' 'protective Orders']
['corporations Law'] ['travel Restriction Orders' 's 1323 of the Corporations Act' 'asic Investigations' 'asset Preservation' 'protective Orders']

Case Brief

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Procedural Posture

Application for Travel Restriction Orders / Final Hearing and Determination of Application

Legal Issues

  1. 1 ['Whether travel restriction orders should be imposed on the first defendant under s 1323(1) of the Corporations Act' 'Whether the orders are necessary or desirable for protecting aggrieved persons’ interests']

Ratio Decidendi

Given the evidence of an ongoing ASIC investigation, the critical role of Mr McCabe in the subject matter of the investigation, the risk that he may leave Australia thereby impeding both the investigation and prospects of recovery for aggrieved persons, and the proportionality and limited duration of the orders sought, it is necessary or desirable within the meaning of s 1323 of the Corporations Act to impose travel restriction and related orders.

Court Disposition

Application granted; travel restriction orders imposed against the first defendant.

Orders

  • ['The first defendant is prohibited from leaving Australia until 26 August 2022 or further order, unless the Court consents.' 'Documents delivered up to the Sydney Registry by the second defendant are to be held by the Registry until 26 August 2022 or further order.' 'The first defendant is restrained from applying...