Australian Securities and Investments Commission v Ostrava Equities Pty Ltd [2016] FCA 1064

Australian Securities and Investments Commission v Ostrava Equities Pty Ltd [2016] FCA 1064

The admitted contraventions of the Corporations Act, ASIC Act, Corporations Regulations, and National Consumer Credit Protection Act by the corporate and individual defendants, combined with public interest considerations and risk to investors, justify declarations, restraint (injunctions), disqualification orders, and winding up orders as consented to by defendants.

Jurisdiction
Australia
Judgment Date
01 September 2016
Procedural Posture
Civil / Final Judgment and Orders
Outcome
Declarations of contravention made; winding up orders for corporate defendants; restraint orders for Fourth and Fifth Defendants; disqualification from managing corporations; costs orders varied; trial vacated.
Legal Topics
['australian Financial Services Licence' 'managed Discretionary Accounts' "directors' Duties" 'misleading and Deceptive Conduct' 'disqualification From Managing Corporations' 'winding Up' 'financial Services Guides' 'statements of Advice' 'civil Penalties' 'investor Protection']
['corporations Law' 'financial Services Law' 'consumer Credit Law' 'commercial Law'] ['australian Financial Services Licence' 'managed Discretionary Accounts' "directors' Duties" 'misleading and Deceptive Conduct' 'disqualification From Managing Corporations' 'winding Up' 'financial Services Guides' 'statements of Advice' 'civil Penalties' 'investor Protection']

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Procedural Posture

Civil / Final Judgment and Orders

Legal Issues

  1. 1 ['Did defendants contravene provisions of the Corporations Act, ASIC Act, Corporations Regulations, and National Consumer Credit Protection Act in the provision of financial services?' 'Should declarations, injunctions, winding up, and disqualification orders be made against the defendants?' 'Were directors knowingly concerned in contraventions and in breach of duties?']

Ratio Decidendi

The admitted contraventions of the Corporations Act, ASIC Act, Corporations Regulations, and National Consumer Credit Protection Act by the corporate and individual defendants, combined with public interest considerations and risk to investors, justify declarations, restraint (injunctions), disqualification orders, and winding up orders as consented to by defendants.

Court Disposition

Declarations of contravention made; winding up orders for corporate defendants; restraint orders for Fourth and Fifth Defendants; disqualification from managing corporations; costs orders varied; trial vacated.

Orders

  • ['First, Second, Third, Sixth, Seventh, Eighth, Ninth, Tenth and Eleventh Defendants be wound up pursuant to ss 461(1)(k) and 464 of the Corporations Act.' 'Leanne Chesser and Craig Shepard of KordaMentha appointed as liquidators.' 'Fourth Defendant restrained for 10 years from financial services business; Fifth...