Australian Securities and Investments Commission v M101 Nominees Pty Ltd, in the matter of M101 Nominees Pty Ltd [2020] FCA 1166

Federal Court of Australia

Australian Securities and Investments Commission v M101 Nominees Pty Ltd, in the matter of M101 Nominees Pty Ltd [2020] FCA 1166 File number(s): VID 524 of 2020

Judgment of: ANDERSON J

Date of judgment: 13 August 2020

Catchwords: CORPORATIONS – investigation by ASIC – ex parte application – ASIC seeks appointment of provisional liquidator, asset preservation orders, restraining orders and travel restriction orders – whether orders should be made on ex parte basis – whether orders necessary and appropriate in the particular circumstances – risk of potential fraudulent dissipation of assets – risk conduct has characteristics of a "Ponzi scheme" Held: orders sought are necessary and appropriate on the basis of evidence presented

Legislation: Corporations Act 2001 (Cth), ss 472(2), 1101B(1), 1101B(5), 1323(1), 1323(3), 1324(1) and 1324(4) Federal Court of Australia Act 1976 (Cth), s 23

Cases cited: Australian Securities and Investments Commission v Adler (2001) 38 ACSR 266 Australian Securities and Investments Commission v Australian Investors Forum Pty Ltd [2001] NSWSC 1180 Australian Securities and Investments Commission, In the Matter of Richstar Enterprises Pty Ltd (ACN 099 071 968) v Carey (No 3) [2006] FCA 433 Australian Securities & Investments Commission; in the Matter of Richstar Enterprises Pty Ltd ACN (099 071 968) v Carey (No 19) [2008] FCA 38 Australian Securities and Investments Commission v CME Capital Australia Pty Ltd, in the matter of CME Capital Australia Pty Ltd (No 3) [2016] FCA 545 Australian Securities and Investments Commission v Financial Circle Pty Ltd [2018] FCA 2 Australian Securities and Investments Commission v Goldenberg [2020] FCA 809 Australian Securities & Investments Commission v Hawley [2008] FCA 1423 Australian Securities and Investments Commission v Koops [2010] FCA 20 Australian Securities and Investments Commission v Linchpin Capital Group Ltd [2018] FCA 1104 Australian Securities and Investments Commission v Mauer-Swisse Securities Ltd [2002] NSWSC 684 Australian Securities and Investments Commission v Mauer-Swisse Securities Ltd [2002] NSWSC 741 Australian Securities & Investments Commission, in the matter of Money for Living (Aust) Pty Ltd (Administrators Appointed) v Money for Living (Aust) Pty Ltd (Administrators Appointed) [2005] FCA 1621 Australian Securities and Investments Commission v Secure Investments Pty Ltd [2020] FCA 639 Australian Securities and Investments Commission v Troy (1999) 33 ACSR 121 Australian Securities and Investments Commission v Wealth & Risk Management Pty Ltd [2017] FCA 477 Carr v Darren Berry International Marine Pty Ltd (No. 1) [2013] FCA 1150 Corporate Affairs Commission (NSW) v Lombard Nash International Pty Ltd (No 1) (1986) 11 ACLR 566 Deputy Commissioner v Ausmart Services Pty Ltd [2018] FCA 1912 Deputy Commissioner of Taxation v A & S Services Australia Pty Ltd [2017] FCA 437