Australian Securities Commission v Booth, Mark [1997] FCA 1012

Australian Securities Commission v Booth, Mark [1997] FCA 1012

The Commission's prompt action secured the recovered funds for the benefit of aggrieved parties, its costs were reasonable and would represent a relatively small contribution if borne across the fund, while recovery from the alleged wrongdoer would be practically uncertain and delayed; therefore the Commission's costs should be paid from the accumulated funds before distribution.

Jurisdiction
Australia
Judgment Date
18 July 1997
Procedural Posture
Application Under Section 1323 of the Corporations Law for Restraining and Mandatory Injunctions Concerning Share Dealings / Reasons for Judgment on Distribution of Recovered Funds and the Commission's Costs
Outcome
Orders made for the invested sums to be paid to the Commission with accrued interest; proceedings otherwise dismissed.
Legal Topics
['section 1323 Relief' 'distribution of Recovered Funds' 'costs From Recovered Fund' 'share Dealings']
['corporations Law' 'civil Procedure' 'equity'] ['section 1323 Relief' 'distribution of Recovered Funds' 'costs From Recovered Fund' 'share Dealings']

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Procedural Posture

Application Under Section 1323 of the Corporations Law for Restraining and Mandatory Injunctions Concerning Share Dealings / Reasons for Judgment on Distribution of Recovered Funds and the Commission's Costs

Legal Issues

  1. 1 ["Whether the Australian Securities Commission's costs should be paid as a disbursement out of the accumulated recovered funds before distribution to claimants." 'Whether, on equitable grounds, the Commission should instead recover its costs from the person responsible for the share dealings.']

Ratio Decidendi

The Commission's prompt action secured the recovered funds for the benefit of aggrieved parties, its costs were reasonable and would represent a relatively small contribution if borne across the fund, while recovery from the alleged wrongdoer would be practically uncertain and delayed; therefore the Commission's costs should be paid from the accumulated funds before distribution.

Court Disposition

Orders made for the invested sums to be paid to the Commission with accrued interest; proceedings otherwise dismissed.

Orders

  • ['The New South Wales District Registrar of the Federal Court recover the sums presently invested and pay them to the Commission with interest accrued to the date of withdrawal.' 'The proceedings be otherwise dismissed.']