9 Aug 2012
HICKMAN AND ORS v TURNER AND WAVERLEY LIMITED SC 46/2011
- Citation
- HICKMAN AND ORS v TURNER AND WAVERLEY LIMITED SC 46/2011
- Court
- Supreme Court
Blue Chip's JVA, PIP and PAC products were debt securities offered to the public without compliance with the Securities Act and not saved by s5(1)(b); subscriptions included entry into the SPAs so s37(4) renders SPAs unenforceable where executed at the same time as or after the relevant Blue Chip product agreements; developers are properly characterised as issuers (or are attributable with Blue Chip's conduct) so s37(5) applies to require repayment; timing issues for SPAs executed earlier are remitted to the High Court.