Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers appointed) (in liq) (No 5) [2012] FCA 954

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers appointed) (in liq) (No 5) [2012] FCA 954 Citation: Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers appointed) (in liq) (No 5) [2012] FCA 954

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: 4 September 2012

Date of order: 29 August 2012

Catchwords: PRACTICE AND PROCEDURE – pleadings – leave to further amend defence – whether proposed amendments introduce grounds of defence that are at least arguable – whether equitable principles arguably relevant to the grant of a statutory injunction – whether equitable principles arguably relevant to the grant of an injunction sought by regulatory body in the public interest – leave to amend granted

Legislation: Corporations Act 2001 (Cth)

Cases cited: Aon Risk Services Australia Limited v Australian National University (2009) 239 CLR 175; [2009] HCA 27 Associated Minerals Consolidated Ltd v Wyong Shire Council [1975] AC 538 Australian Securities and Investments Commission v Storm Financial Limited (Receivers and Managers appointed) (in liq) [2012] FCA 355 Australian Securities and Investments Commission v Triton Underwriting Insurance Agency Pty Ltd (2004) 48 ACSR 249; [2003] NSWC 1145 Connell v National Companies and Securities Commission (1989) 2 WAR 121 General Steel Industries Inc v Commissioner for Railways (NSW) (1964) 112 CLR 125 ICI Australia Operations Pty Limited v Trade Practices Commission (1992) 38 FCR 248 O'Sullivan v Farrer (1989) 168 CLR 210