Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Grant-Taylor v Babcock & Brown Limited (in liquidation) [2016] FCAFC 60 Appeal from: Grant-Taylor v Babcock & Brown Limited (In Liquidation) (2015) 322 ALR 723; [2015] FCA 149
File number: NSD 289 of 2015
Judges: ALLSOP CJ, GILMOUR AND BEACH JJ
Date of judgment: 21 April 2016
Catchwords: CORPORATIONS – continuous disclosure obligations – s 674 of Corporations Act 2001 (Cth) – application of listing rules – meaning of persons who commonly invest in securities – whether information had a material effect on price or value – whether information was generally available – alleged failure to disclose payment of dividends from capital and unauthorised capital reduction – alleged failure to disclose that accounts failed to give a true and fair view – alleged failure to disclose insolvency – whether directors aware of insolvency – appeal dismissed
Legislation: Corporate Law Reform Act 1994 (Cth) Corporate Law Reform Bill (No 2) 1992 (Cth) Corporate Law Reform Bill 1993 (Cth) Corporations Act 2001 (Cth) ss 254T, 256B, 256D, 296, 297, 674, 676, 677 Corporations Legislation Amendment Bill 1991 (Cth) Financial Services Reform Act 2001 (Cth) Financial Services Reform Bill 2001 (Cth)
Cases cited: Australian Consolidated Investments Ltd v Rossington Holdings Pty Ltd (No 2) (1992) 35 FCR 226 Australian Securities and Investments Commission v Citigroup Global Markets Australia Pty Ltd (No 4) (2007) 160 FCR 35 Australian Securities and Investments Commission v Fortescue Metals Group Ltd (No 5) (2009) 264 ALR 201 Australian Securities and Investments Commission v Southcorp Ltd (2003) 130 FCR 406 Basic Inc v Levinson 485 US 224 (1988) Bluebottle UK Ltd v Deputy Commissioner of Taxation (2007) 232 CLR 598 House v The King (1936) 55 CLR 499 Industrial Equity Ltd v Blackburn (1977) 137 CLR 567 James Hardie Industries NV v Australian Securities and Investments Commission (2010) 274 ALR 85 Jubilee Mines NL v Riley (2009) 40 WAR 299 R v Firns (2001) 51 NSWLR 548 R v Rivkin (2004) 184 FLR 365 Re Chemeq Ltd (2006) 234 ALR 511 Riley v Jubilee Mines NL (2006) 59 ACSR 252; [2006] WASC 199 Rogers v Whitaker (1992) 175 CLR 479 Rosenberg v Percival (2001) 205 CLR 434 TSC Industries Inc v Northway Inc 426 US 438 (1976) Woodcroft-Brown v Timbercorp Securities Ltd (2011) 253 FLR 240
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