Adams v Australian Securities & Investments Commission [2003] FCA 557

FEDERAL COURT OF AUSTRALIA

Adams v Australian Securities & Investments Commission [2003] FCA 557 CORPORATIONS – application by convicted person under s 206G of Corporations Act 2001 (Cth) for leave to manage five named corporations – history of the automatic disqualification provision and the provision for granting of leave – principles applicable to such applications – applicant convicted of defrauding the Commonwealth of sales tax revenue amounting to $156,051.20 – only seven months remaining unexpired of the five-year period of disqualification – substantial period between circumstances giving rise to conviction and conviction (11˝ years) and between those circumstances and present application (a little under 17 years) – unsatisfactory state of the evidence as to consequence of leave not being granted – failure of applicant to satisfy Court that an exception from the general prohibition should be made.

Corporations Act 2001 (Cth) s 206G

Re Altim Pty Ltd [1968] 2NSWR 762 cited Re Australian Limousin Breeders Society Ltd (1989) 7 ACLC 426 cited Birdseye v Companies Auditors and Liquidators Disciplinary Board (2002) 20 ACLC 805 cited Borsboom v Australian Securities Commission, unreported, Supreme Court of Western Australia, White J, 17 January 1997 cited Chew v NCSC [1985] WAR 337 cited Re Ferrari Furniture Co Pty Ltd [1972] 2 NSWLR 790 cited Re Macquarie Investments Pty Ltd (1975) 1 ACLR 40 cited Re Maelor Jones Pty Ltd (1975) 1 ACLR 4 cited Re Magna Alloys and Research Pty Ltd (1975) 1 ACLR 203 cited In re Marsden (1981) 29 SASR 454 cited Murray v Australian Securities Commission (1993) 12 ACLC 11 cited Pace v Australian Securities & Investments Commission (1999) 17 ACLC 1764 cited Re Seymour [2002] TASSC 85 cited Re Zim Metal Products Pt Ltd (1977) 2 ACLR 553 cited

HAROLD JOHN ADAMS v AUSTRALIAN SECURITIES &