AUSTRALIAN SECURITIES COMMISSION v GARY JAMES WALL [2018] FCA 1819

AUSTRALIAN SECURITIES COMMISSION v GARY JAMES WALL [2018] FCA 1819

It was reasonable and incumbent upon the applicant to commence proceedings as the respondent's conduct contravened provisions of the Corporations Law, and no undertaking was provided. The respondent's consent to relief and the facts conceded warrant an order for costs against him.

Parties
Applicant: Australian Securities Commission; Respondent: Gary James Wall
Jurisdiction
Australia
Judgment Date
30 June 1998
Procedural Posture
Civil / Final Orders
Outcome
Relief granted by consent and costs ordered against respondent
Legal Topics
Securities Regulation, Prospectus Requirements, Injunctions, Costs
Corporations Law Securities Regulation Prospectus Requirements Injunctions Costs

Case Brief

Summary, issues, holding and outcome

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Parties

Australian Securities Commission

Applicant

Gary James Wall

Respondent

Procedural Posture

Civil / Final Orders

Legal Issues

  1. 1 Whether the respondent contravened the Corporations Law by making offers to participate in an ostrich agistment and breeding scheme without lodging a prospectus
  2. 2 Which party should bear the costs when the respondent consents to relief

Ratio Decidendi

It was reasonable and incumbent upon the applicant to commence proceedings as the respondent's conduct contravened provisions of the Corporations Law, and no undertaking was provided. The respondent's consent to relief and the facts conceded warrant an order for costs against him.

Court Disposition

Relief granted by consent and costs ordered against respondent

Orders

  • Declaration pursuant to s 1324 of the Corporations Law that the letter constitutes a right to participate in a common enterprise as defined by s 9
  • Injunction restraining the respondent from disseminating the relevant letter or similar invitations