Pacific Blue Securities Pty Ltd (ACN 136 973 521), In the matter of Pacific Blue Securities Pty Ltd (ACN 136 973 521) [2010] FCA 73

Pacific Blue Securities Pty Ltd (ACN 136 973 521), In the matter of Pacific Blue Securities Pty Ltd (ACN 136 973 521) [2010] FCA 73

Pacific Blue Securities Pty Ltd was wound up on just and equitable grounds due to its unlawful, unlicensed business activities, fraud, and mismanagement; restraining orders against Mr Fogarty were appropriate given his involvement in these contraventions and to protect the public and investors.

Jurisdiction
Australia
Judgment Date
09 February 2010
Procedural Posture
Application for Winding Up and Injunctive Relief / Final Judgment
Outcome
Orders granted in favour of ASIC, with some orders modified or refused as set out in reasons.
Legal Topics
['winding Up on Just and Equitable Grounds' 'injunctions Against Unlicensed Dealing in Financial Products' 'restraint Orders' 'investor Protection']
['corporations Law' 'financial Services Law'] ['winding Up on Just and Equitable Grounds' 'injunctions Against Unlicensed Dealing in Financial Products' 'restraint Orders' 'investor Protection']

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Procedural Posture

Application for Winding Up and Injunctive Relief / Final Judgment

Legal Issues

  1. 1 ['Whether Pacific Blue Securities Pty Ltd should be wound up on the just and equitable ground under s 461(1)(k) of the Corporations Act 2001 (Cth)' 'Whether Sean Michael Fogarty should be restrained from dealing in financial products and from leaving Australia under various provisions of the Corporations Act 2001 (Cth)']

Ratio Decidendi

Pacific Blue Securities Pty Ltd was wound up on just and equitable grounds due to its unlawful, unlicensed business activities, fraud, and mismanagement; restraining orders against Mr Fogarty were appropriate given his involvement in these contraventions and to protect the public and investors.

Court Disposition

Orders granted in favour of ASIC, with some orders modified or refused as set out in reasons.

Orders

  • ['Pacific Blue Securities Pty Ltd (ACN 136 973 521) be wound up by the Court under the Corporations Act 2001 (Cth).' 'Robyn Erskine appointed as liquidator of the Company.' 'Sean Michael Fogarty restrained for 10 years from carrying on or being knowingly concerned in any business of dealing in a financial product...