Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers Appointed) (In Liq) (No 3) [2011] FCA 1084

Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers Appointed) (In Liq) (No 3) [2011] FCA 1084

Because the central issue was not determined following ASIC's amendment of its proceedings, no order for costs is made on the three notices of motion; however, the three Banks are entitled to their costs relating to ASIC's amendment application, including the hearing on 8 June 2011.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Storm Financial Limited (Receivers and Managers Appointed) (In Liquidation) ACN 064 804 691; Second Defendant: Commonwealth Bank of Australia ACN 123 123 124; Third Defendant: Bank of Queensland Limited ACN 009 656 740; Fourth Defendant: Macquarie Bank Limited ACN 008 583 542
Jurisdiction
Australia
Judgment Date
02 August 2011
Procedural Posture
Civil / Costs Determination After Application Amendment
Outcome
No order as to costs on the three notices of motion; ASIC to pay Banks' costs for amendment application and hearing on 8 June 2011.
Legal Topics
Costs, Strike Out Applications, Amendment of Pleadings
Corporate Law Regulatory Law Costs Strike Out Applications Amendment of Pleadings

Case Brief

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Parties

Australian Securities and Investments Commission

Plaintiff

Storm Financial Limited (Receivers and Managers Appointed) (In Liquidation) ACN 064 804 691

First Defendant

Commonwealth Bank of Australia ACN 123 123 124

Second Defendant

Bank of Queensland Limited ACN 009 656 740

Third Defendant

Macquarie Bank Limited ACN 008 583 542

Fourth Defendant

Procedural Posture

Civil / Costs Determination After Application Amendment

Legal Issues

  1. 1 Entitlement to costs following amendment to proceedings
  2. 2 Determination of central issue in strike-out applications
  3. 3 Construction of s 1325 and controversy requirement

Ratio Decidendi

Because the central issue was not determined following ASIC's amendment of its proceedings, no order for costs is made on the three notices of motion; however, the three Banks are entitled to their costs relating to ASIC's amendment application, including the hearing on 8 June 2011.

Court Disposition

No order as to costs on the three notices of motion; ASIC to pay Banks' costs for amendment application and hearing on 8 June 2011.

Orders

  • No order for costs on the three notices of motion
  • Australian Securities and Investments Commission pay the second, third and fourth defendants' costs of and incidental to their application to amend the proceedings, including the cost of the hearing on 8 June 2011