Australian Securities and Investments Commission v Primelife Corporation Limited (ACN 010 622 901) [2006] FCA 1072

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Primelife Corporation Limited (ACN 010 622 901) [2006] FCA 1072 CORPORATIONS – winding up of unregistered managed investment schemes – application for injunction to restrain rescission of sale contract – where injunction not sought in aid of principal cause of action – whether separate statutory basis for injunction – whether s 601EE(2) empowered court to make orders which affected substantive rights of third parties – whether order should be made to entitle liquidator to bring proceedings in name of liquidator on behalf of schemes – nature of managed investment scheme Corporations Act 2001 (Cth): ss 9, 601EB, 601ED(1), 601EE, 1324 Australian Broadcasting Corporation v Lenah Game Meats Pty Ltd (2001) 208 CLR 199, followed Karl Suleman Enterprizes Pty Ltd (In Liq) v Babanour (2004) 49 ACSR 612, discussed Yango Pastoral Co Pty Ltd v First Chicago Australia Ltd (1978) 139 CLR 410, cited Mier v F N Management Pty Ltd (2005) 56 ACSR 93, discussed Re Crust'N'Crumb Bakers (Wholesale) Pty Ltd [1992] 2 Qd R 76, discussed Australian Securities and Investments Commission v Commercial Nominees of Australia Ltd (2002) 42 ACSR 240, considered Australian Securities and Investments Commission v Takaran Pty Ltd (2002) 43 ACSR 46, followed Australian Securities and Investments Commission v Knightsbridge Managed Funds Ltd [2001] WASC 339, followed Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561, followed Australian Securities and Investments Commission v ABC Fund Managers Ltd (No 3) [2001] VSC 397, considered Australian Securities and Investments Commission v Landy DFK Securities Ltd (2002) 123 FCR 548, distinguished Re Stacks Managed Investments Ltd (2005) 54 ACSR 466, considered Warne v GDK Financial Solutions Pty Ltd [2006] NSWSC 259, followed Hamilton v Piggott Wood & Baker [2003] FCA 1055, discussed