Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers Appointed) (In Liq) (No 2) [2011] FCA 858

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers Appointed) (In Liq) (No 2) [2011] FCA 858 Citation: Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers Appointed) (In Liq) (No 2) [2011] FCA 858

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) ACN 064 804 691, COMMONWEALTH BANK OF AUSTRALIA ACN 123 123 124, BANK OF QUEENSLAND LIMITED ACN 009 656 740 and MACQUARIE BANK LIMITED ACN 008 583 542

File number: QUD 577 of 2010

Judge: REEVES J

Date of judgment: 2 August 2011

Catchwords: CORPORATIONS – application for a declaration under s 1325 that knowingly concerned in contravention of s 601ED(5) of the Corporations Act 2001 (Cth) ("the Act") – whether individuals who suffered loss need be identified under ss 1325(2) and (3) of the Act – relief amended to application for injunction and declaration under s 1324 of the Act – consideration of ss 1324 and 1325 of the Act and s 21 of the Federal Court of Australia Act 1976 (Cth) – injunction pursuant to s 1324 of the Act not subject to normal equitable principles PRACTICE AND PROCEDURE – application for summary judgment, dismissal or permanent stay of the proceedings – whether existing and real controversy – consideration of s 31A(2) of the Federal Court of Australia Act 1976 (Cth) and O 20 r 5(1) and (2) of the Federal Court Rules – submission made without leave after hearing HELD – the applications for summary judgment, dismissal or stay of the proceedings dismissed