Australian Securities Commission v Corplan Nominees Pty Ltd & Ors [1995] FCA 540

Australian Securities Commission v Corplan Nominees Pty Ltd & Ors [1995] FCA 540

Because the second, fifth, sixth and seventh respondents deliberately and persistently failed to comply with repeated orders to provide particulars, and because the material showed that funds belonging to the first respondent as trustee of a superannuation fund were improperly paid to companies associated with the second respondent through his deliberate action, final judgment under s. 1324(10) the Corporations Law and a long-term management prohibition under s. 230 the Corporations Law were justified.

Jurisdiction
Australia
Judgment Date
27 June 1995
Procedural Posture
Corporations Law Proceeding Concerning Alleged Misconduct and Improper Payment of Trust Moneys / Notice of Motion Seeking Final Judgment Against the Second, Fifth, Sixth and Seventh Respondents and an Order Prohibiting the Second Respondent From Managing a Corporation
Outcome
Final judgment entered for the applicant against the second, fifth, sixth and seventh respondents; the second respondent was prohibited permanently from managing a corporation subject to leave to apply after ten years; costs and directions for payment of recovered moneys were ordered.
Legal Topics
['final Judgment for Procedural Default' 'contravention Relief Under S. 1324(10) the Corporations Law' 'disqualification From Managing a Corporation Under S. 230 the Corporations Law' 'improper Payment of Trust Moneys' 'interest on Judgment Sums']
['corporations Law' 'civil Procedure' 'trusts and Superannuation'] ['final Judgment for Procedural Default' 'contravention Relief Under S. 1324(10) the Corporations Law' 'disqualification From Managing a Corporation Under S. 230 the Corporations Law' 'improper Payment of Trust Moneys' 'interest on Judgment Sums']

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Procedural Posture

Corporations Law Proceeding Concerning Alleged Misconduct and Improper Payment of Trust Moneys / Notice of Motion Seeking Final Judgment Against the Second, Fifth, Sixth and Seventh Respondents and an Order Prohibiting the Second Respondent From Managing a Corporation

Legal Issues

  1. 1 ['Whether final judgment should be entered against the second, fifth, sixth and seventh respondents because of repeated non-compliance with procedural directions to provide particulars.' 'Whether the second respondent should be prohibited from managing a corporation under s. 230 the Corporations Law.' 'Whether judgment sums and interest should be ordered under s. 1324(10) the Corporations Law for funds improperly paid from the first respondent as trustee of a superannuation fund.']

Ratio Decidendi

Because the second, fifth, sixth and seventh respondents deliberately and persistently failed to comply with repeated orders to provide particulars, and because the material showed that funds belonging to the first respondent as trustee of a superannuation fund were improperly paid to companies associated with the second respondent through his deliberate action, final judgment under s. 1324(10) the Corporations Law and a long-term management prohibition under s. 230 the Corporations Law were justified.

Court Disposition

Final judgment entered for the applicant against the second, fifth, sixth and seventh respondents; the second respondent was prohibited permanently from managing a corporation subject to leave to apply after ten years; costs and directions for payment of recovered moneys were ordered.

Orders

  • ['The applicant have judgment pursuant to s. 1324(10) the Corporations Law against the second respondent for $643,030.31 plus interest in the sum of $181,764.36, totalling $824,794.67.' 'The applicant have judgment pursuant to s. 1324(10) the Corporations Law against the fifth respondent for $492,500.00 plus...