Australian Securities and Investments Commission v Wooldridge [2019] FCAFC 172

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Wooldridge [2019] FCAFC 172 Appeal from: Australian Securities and Investments Commission v Australian Property Custodian Holdings Limited (Receivers and Managers appointed) (in liquidation) (Controllers appointed) [2014] FCA 1308; (2014) 322 ALR 45

On remittal from: High Court of Australia (Australian Securities & Investments Commission v Lewski [2018] HCA 63; (2018) 362 ALR 286)

File numbers: VID 128 of 2019 VID 129 of 2019 VID 130 of 2019 VID 131 of 2019

Judges: GREENWOOD, MIDDLETON AND FOSTER JJ

Date of judgment: 11 October 2019

Catchwords: CORPORATIONS – directors – officers – sentencing – determination of appropriate penalties within scope of remitter from High Court of Australia – where High Court of Australia excised only one of several contraventions – effect on sentence imposed by primary judge, if any – application of parity principle where some co-defendants settle respective proceedings and where one co-defendant does not CORPORATIONS – directors – officers – sentencing – orders as to penalty agreed between ASIC and defendant – relevant principles CORPORATIONS – directors – officers – sentencing – whether penalties imposed by primary judge manifestly inadequate – relevant principles – whether same discount applied to both pecuniary penalty and disqualification order – whether within primary judge's discretion CORPORATIONS – directors – officers – sentencing – whether disqualification order imposed by primary judge to be reconsidered in light of intervening circumstances – whether appropriate to take account of director's practical inability to obtain work although not then subject to disqualification order – distinguished Gillfillan v Australian Securities and Investments Commission [2012] NSWCA 370; (2012) 92 ACSR 460