Ryan v Australian Securities and Investments Commission; in the matter of Allstate Explorations NL (Subject to Deed of Company Arrangement) [2007] FCA 59

FEDERAL COURT OF AUSTRALIA

Ryan v Australian Securities and Investments Commission; in the matter of Allstate Explorations NL (Subject to Deed of Company Arrangement) [2007] FCA 59

CORPORATIONS LAW – authorisation by ASIC of shareholders as eligible applicants for s 596A and s 596B of the Corporations Act 2001 (Cth) – no notice to proposed examinees – natural justice – legitimate expectations – whether ASIC took into account irrelevant consideration, failed to take into account relevant consideration and erred in law – proceeding dismissed ADMINISTRATIVE LAW – judicial review – authorisation by ASIC of shareholders as eligible applicants for s 596A and s 596B of the Corporations Act 2001 (Cth) – no notice to proposed examinees – natural justice – legitimate expectations – whether ASIC took into account irrelevant consideration, failed to take into account relevant consideration and erred in law – proceeding dismissed EVIDENCE – submissions for respondent did not waive legal professional privilege WORDS AND PHRASES – 'eligible applicant' Ainsworth v Criminal Justice Commission (1992) 175 CLR 564 cited Annetts v McCann (1990) 170 CLR 596 distinguished Applicant NAFF of 2002 v Minister for Immigration and Multicultural and Indigenous Affairs (2004) 221 CLR 1 cited Australian Securities and Investments Commission v Plymin (No 3) (2002) 170 FLR 128 cited Barton v The Queen (1980) 147 CLR 75 cited Bennett v Chief Executive Officer of the Australian Customs Service (2004) 140 FCR 101 cited Commissioner of Police v Reid (1989) 16 NSWLR 453 considered Commissioner of Taxation v Rio Tinto (2006) 151 FCR 341 distinguished Cornall v AB (A Solicitor) [1995] 1 VR 372 cited Evans v Wainter Pty Limited (2005) 145 FCR 176 discussed Hamilton v Oades (1989) 166 CLR 486 cited Hare v Gladwin (1988) 82 ALR 307 considered Highstoke Pty Ltd v Hayes Knight GTO Pty Ltd [2007] FCA 13 cited Johns v Australian Securities Commission (1993) 178 CLR 408 discussed Kioa v West (1985) 159 CLR 550 cited Mann v Carnell (1999) 201 CLR 1 cited Minister for Immigration and Ethnic Affairs v Wu Shan Liang (1996) 185 CLR 259 cited Prasad v Minister for Immigration and Ethnic Affairs (1985) 6 FCR 155 distinguished Rees v Kratzmann (1965) 114 CLR 63 cited Re Cortaus Ltd (in liq); Sheahan v Joye (No 2) (1996) 20 ACSR 576 discussed Re Excel Finance Corporation Ltd (Receiver and Manager Appointed); Worthley v England (1994) 52 FCR 69 cited Re Minister for Immigration and Multicultural and Indigenous Affairs; Ex parte Lam (2003) 214 CLR 1 cited South Australia v O'Shea (1987) 163 CLR 378 cited Stead v State Government Insurance Commission (1986) 161 CLR 141 cited Testro Bros Pty Ltd v Tait (1963) 109 CLR 353 cited Australian Securities and Investments Commission Act 2001 (Cth) s 11(4) Corporations Act 2001 (Cth) s 596A, s 596B IN THE MATTER OF ALLSTATE EXPLORATIONS NL (SUBJECT TO DEED OF COMPANY ARRANGEMENT) ACN 000 679 023 MICHAEL JOSEPH PATRICK RYAN AND ANTONY WOODINGS v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MATTHEW GILL, MACQUARIE BANK LIMITED AND MICHAEL TAYLOR NSD 1879 OF 2006