Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Avestra Asset Management Limited (In Liquidation) [2017] FCA 497 File number: VID 514 of 2015
Judge: BEACH J
Date of judgment: 12 May 2017
Catchwords: CORPORATIONS – managed investment schemes – related party transactions – conflict of interest – failure to make adequate disclosure to scheme members – cross investments – substantial shareholder notice provisions – contraventions of ss 208, 209, 228, 229, 601FC, 601FD, 601JD, 601LA, 601LB, 601LC, 606, 671B, 912A, 1017B and 1308 – relief – declarations – injunctions – disqualification orders – ss 206C, 206E and 1324 – application granted
Legislation: Corporations Act 2001 (Cth) ss 180, 206C, 206E, 207, 208, 209, 228, 229, 601FC, 601FD, 601JD, 601LA, 601LB, 601LC, 606, 671B, 912A, 1013D, 1013F, 1017B, 1308, 1324
Cases cited: Australian Competition and Consumer Commission v Hillside (Australia New Media) Pty Ltd trading as Bet365 (No 2) [2016] FCA 698 Australian Securities Commission v AS Nominees Ltd (1995) 62 FCR 504 Australian Securities and Investments Commission v Camelot Derivatives Pty Ltd (in liq) (2012) 88 ACSR 206; [2012] FCA 414 Australian Securities and Investments Commission v Citigroup Global Markets Australia Pty Ltd (No 4) (2007) 160 FCR 35 Australian Securities and Investments Commission v Mariner Corporation Ltd (2015) 241 FCR 502 Australian Securities and Investments Commission v Maxwell (2006) 59 ACSR 373; (2006) NSWSC 1052 Deputy Commissioner of Taxation (NSW) v Mutton (1988) 12 NSWLR 104 Director of Consumer Affairs Victoria v Alpha Flight Services Pty Ltd [2015] FCAFC 118 Inco Europe Ltd v First Choice Distribution [2000] 1 WLR 586 Registrar of Aboriginal and Torres Strait Island Corporations v Murray [2015] FCA 346 Re HIH Insurance Ltd (in prov liq); Australian Securities and Investments Commission v Adler (2002) 41 ACSR 72; [2002] NSWSC 171 Re Macquarie Investment Management (2016) 115 ACSR 368; [2016] NSWSC 1184 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission (2012) 287 ALR 249; [2012] FCAFC 20 Taylor v The Owners - Strata Plan No 11564 (2014) 253 CLR 531 Wentworth Securities Ltd v Jones [1980] AC 74 Woodcroft-Brown v Timbercorp Securities Ltd (2013) 96 ACSR 307; [2013] VSCA 284 Australian Law Reform Commission, Report No 65, Collective Investments: Other People's Money (Vol 1) (Sydney, 1993)
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