Castledine, in the matter of an application by Castledine [2023] FCA 249

Castledine, in the matter of an application by Castledine [2023] FCA 249

Having regard to the nature and seriousness of the offence, the lapse of time since offending, absence of other offending, mitigation by cooperation and character, absence of material risk to stakeholders or public, and circumstances of Perizia Investments Pty Ltd as a family-owned entity, the Court exercised its discretion to grant leave for Mr Castledine to manage Perizia, with conditions limiting corporate activity.

Parties
Applicant: Gary Charles Castledine
Jurisdiction
Australia
Judgment Date
16 March 2023
Procedural Posture
Corporations Act Leave Application / Judgment (orders and Reasons)
Outcome
Application allowed; leave granted to manage corporation with conditions.
Legal Topics
Automatic Disqualification From Management, Leave to Manage Corporation, Insider Information Offence, Directorship Restrictions
Corporations Law Automatic Disqualification From Management Leave to Manage Corporation Insider Information Offence Directorship Restrictions

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Parties

Gary Charles Castledine

Applicant

Procedural Posture

Corporations Act Leave Application / Judgment (orders and Reasons)

Legal Issues

  1. 1 Whether leave should be granted under s 206G(1)(c) of the Corporations Act 2001 (Cth) to manage Perizia Investments Pty Ltd despite automatic disqualification
  2. 2 Assessment of risks to stakeholders and public
  3. 3 Consideration of legislative policy and relevant factors for leave

Ratio Decidendi

Having regard to the nature and seriousness of the offence, the lapse of time since offending, absence of other offending, mitigation by cooperation and character, absence of material risk to stakeholders or public, and circumstances of Perizia Investments Pty Ltd as a family-owned entity, the Court exercised its discretion to grant leave for Mr Castledine to manage Perizia, with conditions limiting corporate activity.

Court Disposition

Application allowed; leave granted to manage corporation with conditions.

Orders

  • Pursuant to s 206G(1)(c) of the Corporations Act 2001 (Cth), Gary Charles Castledine has leave to manage Perizia Investments Pty Ltd, subject to Perizia not engaging in any activity other than buying and selling shares and sub-underwriting until he is no longer disqualified.
  • Perizia Investments Pty Ltd must not engage in any activity other than (a) buying and selling shares; and (b) sub-underwriting, until Mr Castledine is no longer disqualified from managing corporations under Part 2D.6 of the Corporations Act.