Hoult v Australian Securities & Investments Commission [1999] FCA 765

Hoult v Australian Securities & Investments Commission [1999] FCA 765

The applicant should be granted limited leave to manage three specified corporations, subject to the condition that he may not hold office as a director of two of those corporations, as there is insufficient substantiated evidence of misconduct and no other significant irregularity.

Parties
Applicant: Thomas Ashley Hoult; First Respondent: Australian Securities & Investments Commission; Second Respondent: Maxwell William Prentice
Jurisdiction
Australia
Judgment Date
31 May 1999
Procedural Posture
Application for Leave Under Corporations Law / Judgment on Application for Leave to Manage a Corporation by an Undischarged Bankrupt
Outcome
Application allowed in part, with conditions.
Legal Topics
Leave to Manage Corporation While Bankrupt, Powers of Court Under S 229 of Corporations Law, Role of ASIC in Applications for Leave, Conditions on Leave
Corporations Law Bankruptcy Leave to Manage Corporation While Bankrupt Powers of Court Under S 229 of Corporations Law Role of ASIC in Applications for Leave Conditions on Leave

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Parties

Thomas Ashley Hoult

Applicant

Australian Securities & Investments Commission

First Respondent

Maxwell William Prentice

Second Respondent

Procedural Posture

Application for Leave Under Corporations Law / Judgment on Application for Leave to Manage a Corporation by an Undischarged Bankrupt

Legal Issues

  1. 1 Whether Mr Hoult, an undischarged bankrupt, should be granted leave under s 229 of the Corporations Law to manage certain corporations.
  2. 2 What conditions, if any, should be imposed on such leave.

Ratio Decidendi

The applicant should be granted limited leave to manage three specified corporations, subject to the condition that he may not hold office as a director of two of those corporations, as there is insufficient substantiated evidence of misconduct and no other significant irregularity.

Court Disposition

Application allowed in part, with conditions.

Orders

  • Leave granted to Mr Hoult to act in the management of Hoult Australia Pty Limited, Clinics Australia Pty Limited and Ashley & Martin Pty Limited, on condition that, with respect to the corporations other than Hoult Australia Pty Limited, the leave does not include holding office as a director.
  • Applicant to pay the costs of the first respondent (ASIC).