ASIC v Ludgates Corporate & Investment Advisory Services Pty Ltd (No. 1) [2005] FCA 827

ASIC v Ludgates Corporate & Investment Advisory Services Pty Ltd (No. 1) [2005] FCA 827

In light of the Applicant's undertaking not to seek relief under s780 against the Second or Third Respondent, the objection to the amendments loses significance; the amendments to the statement of claim are allowed.

Parties
Applicant: Australian Securities & Investments Commission; First Respondent: Ludgates Corporate & Investment Advisory Services Pty Ltd (ACN 053 972 320); Second Respondent: Benjamin Paul Whitehouse; Third Respondent: Jennifer Martine Sisson
Jurisdiction
Australia
Judgment Date
14 June 2005
Procedural Posture
Civil / Interlocutory Application for Leave to Amend Statement of Claim
Outcome
Application granted
Legal Topics
Amendment of Pleadings, Liquidation, Securities Adviser Status, Dealer Licence Contravention
Corporate Law Securities Regulation Amendment of Pleadings Liquidation Securities Adviser Status Dealer Licence Contravention

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Parties

Australian Securities & Investments Commission

Applicant

Ludgates Corporate & Investment Advisory Services Pty Ltd (ACN 053 972 320)

First Respondent

Benjamin Paul Whitehouse

Second Respondent

Jennifer Martine Sisson

Third Respondent

Procedural Posture

Civil / Interlocutory Application for Leave to Amend Statement of Claim

Legal Issues

  1. 1 Whether leave should be granted to amend paragraphs 11(c), 17(c), 23(c) and 29(c) of the statement of claim
  2. 2 Whether proposed amendments expose respondents to allegations under s780 of the Corporations Law

Ratio Decidendi

In light of the Applicant's undertaking not to seek relief under s780 against the Second or Third Respondent, the objection to the amendments loses significance; the amendments to the statement of claim are allowed.

Court Disposition

Application granted

Orders

  • Leave granted to the Applicant to amend paragraphs 11(c), 17(c), 23(c) and 29(c) of the statement of claim in accordance with the 'Third Version of Second Amended Statement of Claim' (Exhibit AA2) upon the Applicant's undertaking not to seek relief under section 780 of the Corporations Law for alleged contraventions...