Jansen v Australian Securities & Investment Commission [2003] FCA 1564

Jansen v Australian Securities & Investment Commission [2003] FCA 1564

Leave was granted because Markwell International Pty Ltd had only three shareholders, the other shareholders knew of and supported the application, the applicant had relevant expertise and was already working operationally in the business, ASIC identified no heightened risks, and the Court was satisfied that investors, shareholders, creditors, persons dealing with Markwell and the public would not be exposed to any real or particular risk if leave were confined to Markwell's fish and prawn processing and distribution business.

Jurisdiction
Australia
Judgment Date
22 December 2003
Procedural Posture
Application for Leave Under S 206 G of the Corporations Act 2001 (cth) to Manage a Corporation Despite Disqualification / Reasons for Order Made on 7 November 2003
Outcome
Application granted.
Legal Topics
['director Disqualification' 'leave to Manage a Corporation' 'protection of the Public, Investors, Shareholders and Creditors']
['corporations Law'] ['director Disqualification' 'leave to Manage a Corporation' 'protection of the Public, Investors, Shareholders and Creditors']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Application for Leave Under S 206 G of the Corporations Act 2001 (cth) to Manage a Corporation Despite Disqualification / Reasons for Order Made on 7 November 2003

Legal Issues

  1. 1 ['Whether the applicant should be granted leave under s 206G of the Corporations Act 2001 (Cth) to manage Markwell International Pty Ltd notwithstanding his disqualification from managing corporations.' 'Whether granting leave would create risks to the public, investors, shareholders, creditors or persons dealing with Markwell International Pty Ltd.']

Ratio Decidendi

Leave was granted because Markwell International Pty Ltd had only three shareholders, the other shareholders knew of and supported the application, the applicant had relevant expertise and was already working operationally in the business, ASIC identified no heightened risks, and the Court was satisfied that investors, shareholders, creditors, persons dealing with Markwell and the public would not be exposed to any real or particular risk if leave were confined to Markwell's fish and prawn processing and distribution business.

Court Disposition

Application granted.

Orders

  • ['Pursuant to s 206G of the Corporations Act 2001 (Cth), the applicant was granted leave to manage Markwell International Pty Ltd so long as the business of that corporation is the processing of fish and prawns and their distribution.']