ASIC v Australian Investors Forum Pty Ltd & Ors (No 3) [2005] NSWSC 1198

ASIC v Australian Investors Forum Pty Ltd & Ors (No 3) [2005] NSWSC 1198

Given the serious and dishonest contraventions by Messrs Anthony and Lloyd-Cocks of their duties as officers under the Corporations Act 2001 (Cth), involving significant losses to the investing public, a disqualification period of twenty-five years is justified for protection of the public and deterrence. Compensation orders are made against them for specified losses to the affected corporations resulting from their contraventions.

Jurisdiction
Australia
Judgment Date
30 November 2005
Procedural Posture
Civil / Post Liability (penalty and Compensation Determination)
Outcome
Banning orders and compensation orders made against defendants.
Legal Topics
["officers' Duties" 'banning Orders' 'compensation' 'civil Penalty Provisions']
['corporations Law' 'equity'] ["officers' Duties" 'banning Orders' 'compensation' 'civil Penalty Provisions']

Case Brief

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Procedural Posture

Civil / Post Liability (penalty and Compensation Determination)

Legal Issues

  1. 1 ['Whether the officers should be disqualified from managing corporations under s.206E of the Corporations Act 2001 (Cth)' 'Whether compensation orders should be made against the officers for losses occasioned by their contraventions of the Corporations Act']

Ratio Decidendi

Given the serious and dishonest contraventions by Messrs Anthony and Lloyd-Cocks of their duties as officers under the Corporations Act 2001 (Cth), involving significant losses to the investing public, a disqualification period of twenty-five years is justified for protection of the public and deterrence. Compensation orders are made against them for specified losses to the affected corporations resulting from their contraventions.

Court Disposition

Banning orders and compensation orders made against defendants.

Orders

  • ['Each officer disqualified from managing corporations for twenty-five years.' 'Compensation ordered against Mr Anthony and Mr Lloyd-Cocks, jointly and severally, for amounts determined in the judgment.' 'Specific orders to be settled after lodgment of Short Minutes of Order.']