Australian Securities and Investments Commission, in the matter of Sino Australia Oil and Gas Limited (in liq) v Sino Australia Oil and Gas Limited (in liq) [2016] FCA 1488

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission, in the matter of Sino Australia Oil and Gas Limited (in liq) v Sino Australia Oil and Gas Limited (in liq) [2016] FCA 1488 File number: VID 161 of 2014

Judge: DAVIES J

Date of judgment: 8 December 2016

Catchwords: CORPORATIONS – whether the requirements for the imposition of a pecuniary penalty under s 1317G of the Corporations Act 2001 (Cth) are met – whether contravention of s 674(2) of the Corporations Act 2001 (Cth) was "serious" – whether disqualification from managing corporations under ss 206C and 206E is "justified" – whether compensation order should be made against a director – whether causal nexus between company's loss and damage and contraventions – whether direction to be made that the liquidator is not acting unreasonably in treating shareholders as creditors in the liquidation

Legislation: Corporations Act 2001 (Cth), ss 206C, 206E, 674(2), 674(2A), 729, 1041I, 1317DA, 1317G, 1317H, 1317HA, 1325

Cases cited: Australian Competition and Consumer Commission v Fila Sport Oceania Pty Ltd [2004] FCA 376; (2004) ATPR 41–983 Australian Securities and Investments Commission v Chemeq Ltd [2006] FCA 936; (2006) 234 ALR 511 Australian Securities and Investments Commission v The Cash Store Pty Ltd (in liquidation) (No 2) [2015] FCA 93 Australian Securities Commission v Donovan (1998) 28 ACSR 583 Australian Securities and Investments Commission v Citrofresh International Ltd (No 3) [2010] FCA 292; (2010) 268 ALR 303 Australian Securities and Investments Commission v Lindberg [2012] VSC 332; (2012) 91 ACSR 640 Australian Securities and Investments Commission v McDonald (No 12) & Ors [2009] NSWSC 714; (2009) 259 ALR 116 Australian Securities and Investments Commission v Newcrest Mining Ltd [2014] FCA 698; (2014) 101 ACSR 46 Commonwealth of Australia v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; (2015) 326 ALR 476 Registrar of Aboriginal and Torres Strait Islander Corporations v Murray [2015] FCA 346 Re HIH Insurance Limited; Australian Securities and Investments Commission v Adler [2002] NSWSC 483; (2002) 42 ACSR 80