Australian Securities & Investments Commission v Primelife Corporation Ltd [2005] FCA 1229

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Primelife Corporation Ltd [2005] FCA 1229 CORPORATIONS – managed investment schemes – whether aged care facility development a managed investment scheme – whether defendants in the business of promoting schemes – proceeding by Australian Securities and Investments Commission to wind up scheme – application to dismiss proceeding as disclosing no reasonable cause of action Corporations Act 2001 (Cth) ss 601EB, 601ED, 601EE Managed Investments Act (Cth) 1998

Dey v Victorian Railways Commissioners (1949) 78 CLR 62 applied ASIC v Pegasus Leveraged Options Group Pty Ltd [2002] NSWSC 310 considered Re Lawloan Mortgages Pty Ltd [2002] QSC 302 cited ASIC v Takaran Pty Ltd (2002) 20 ACLC 1732 considered Fisher v Hebburn Ltd (1960) 105 CLR 188 cited Maxwell v Murphy (1957) 96 CLR 261 cited Australian Softwood Forests Pty Ltd v Attorney‑General (NSW) (1981) 148 CLR 121 applied ASIC v Young (2003) 173 FLR 441 considered Tracy v Mandalay Pty Ltd (1953) 88 CLR 215 cited Emma Silver Mining Co Ltd v Lewis & Son (1879) 4 CPD 396 cited ASIC v Enterprise Solutions 2000 Pty Ltd (2000) 35 ACSR 620 cited AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION v PRIMELIFE CORPORATION LIMITED, PRIMELIFE MANAGEMENT SERVICES PTY LTD, ST JAMES DEVELOPMENTS PTY LTD, AGED CARE PARTNERSHIP MANAGEMENT PTY LTD, GDK FINANCIAL SOLUTIONS PTY LTD and PCM NOMINEES PTY LTD V1199 OF 2004 SUNDBERG J 2 SEPTEMBER 2005 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY V1199 OF 2004

IN THE MATTER OF THE AGED CARE FACILITY PARTNERSHIP SCHEME

BETWEEN: AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION

PLAINTIFF

AND: PRIMELIFE CORPORATION LIMITED

(ACN 010 622 901)

FIRST DEFENDANT

PRIMELIFE MANAGEMENT SERVICES PTY LTD