Cadence Asset Management Pty Ltd v Concept Sports Limited [2005] FCA 1280

FEDERAL COURT OF AUSTRALIA

Cadence Asset Management Pty Ltd v Concept Sports Limited [2005] FCA 1280

CORPORATIONS LAW – prospectus – disclosure – misleading statements – claim by member against the company under s 729 of the Corporations Act 2001 (Cth) – whether maintainable

Corporations Act 2001 (Cth) ss 710, 728, 729, 737 Directors Liability Act 1890 (UK) s 3 Abrath v The North Eastern Railway Company (1886) 11 App Cas 247 cited Adam v Newbigging (1888) 13 App Cas 308 cited Addlestone Linoleum Company, Re (1887) 37 Ch D 191 cited Cohen v Peko-Wallsend Ltd (1986) 61 ALJR 57 followed Derry v Peek (1889) 14 App Cas 337 cited Directors of the Reese River Silver Mining Company, Limited v Smith (1869) LR 4 HL 64 cited Houldsworth v City of Glasgow Bank (1880) 5 App Cas 317 applied New South Wales v Commonwealth(1990) 169 CLR 482 cited Oakes v Turquand (1867) LR 2 HL 325 cited Peek v Gurney (1873) LR 6 HL 337 cited Reese River Silver Mining Company, In re(1867) 2 LR Ch 604 cited Scottish Petroleum Company, In re (1882) 23 Ch D 413 cited Soden v British & Commonwealth Holdings plc [1998] AC 298 cited State of Victoria v Hodgson[1992] 2 VR 613 followed Twycross v Grant (1877) 2 CPD 469 cited Webb Distributors (Aust) Pty Ltd v State of Victoria(1993) 179 CLR 15 cited Lindley, A Treatise on the Law of Companies (5th ed, 1889)

CADENCE ASSET MANAGEMENT PTY LTD v CONCEPT SPORTS LIMITED, GARY MARCH, LEON DAPHNE, JEFFREY TAYLOR, STEVEN ROLTON, DAVID CARTER and JOHN MOORE VID 1605 of 2004 FINKELSTEIN J 14 SEPTEMBER 2005 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY VID 1605 of 2004

BETWEEN: CADENCE ASSET MANAGEMENT PTY LTD

Plaintiff

AND: CONCEPT SPORTS LIMITED,

GARY MARCH,

LEON DAPHNE,

JEFFREY TAYLOR,

STEVEN ROLTON,