Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Life Therapeutics Limited v Bell IXL Investments Limited [2008] FCAFC 144 CORPORATIONS – allotment of shares – powers of directors – primary judge made a finding that an allotment was for an ulterior purpose – whether such a finding was open on the evidence – adequacy of reasoning of primary judge. PRACTICE AND PROCEDURE – circumstances in which to order a retrial. Corporations Act 2001 (Cth): s 9 Federal Court of Australia Act 1976 (Cth): s 27
Devries v Australian National Railways Commission (1993) 177 CLR 472, cited Waterways v Fitzgibbon (2005) 221 ALR 402, cited Fox v Percy (2003) 214 CLR 118, cited
LIFE THERAPEUTICS LIMITED (ACN 001 001 145) v BELL IXL INVESTMENTS LIMITED (ACN 113 669 908), AEGIS PARTNERS LIMITED and BELL POTTER NOMINEES LIMITED
VID 594 of 2008
RYAN, GOLDBERG & GORDON JJ
15 AUGUST 2008
MELBOURNE
IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VID 594 of 2008
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA
IN THE MATTER OF LIFE THERAPEUTICS LIMITED (ACN 001 001 145) BETWEEN: LIFE THERAPEUTICS LIMITED
(ACN 001 001 145)
Appellant
AND: BELL IXL INVESTMENTS LIMITED
(ACN 113 669 908)
First Respondent
AEGIS PARTNERS LIMITED
Second Respondent
BELL POTTER NOMINEES LIMITED
Third Respondent
JUDGES: RYAN, GOLDBERG & GORDON JJ DATE OF ORDER: 15 AUGUST 2008
WHERE MADE: MELBOURNE
THE COURT ORDERS THAT:
1. The appeal be allowed. 2. Paragraph 1 of the Order made on 22 July 2008 be set aside. 3. The proceeding be remitted to Finkelstein J for re‑hearing consistently with the Full Court's reasons for judgment. 4. The first respondent pay the appellant's costs of and incidental to the appeal. 5. The costs of and incidental to the trial before Finkelstein J including any reserved costs be reserved for his consideration. 6. The application by the first respondent for a certificate pursuant to s 6 of the Federal Proceedings (Costs) Act 1981 (Cth)and the application by the directors of Life Therapeutics Limited who are non‑parties that the first respondent pay their costs of and incidental to their appearance this day be reserved for further consideration by the Full Court. 7. Any party who wishes to make submissions in relation to the matters referred to in paragraph 6 of these orders file and serve those submissions within seven days. 8. Notwithstanding anything contained in paragraphs 3 or 4 of the Order of Finkelstein J of 22 July 2008, the appellant have leave to notify its members by an Australian Stock Exchange announcement of the decision of the Full Court this day. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules IN THE FEDERAL COURT OF AUSTRALIA
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