Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Secure Investments Pty Ltd (No 2) [2020] FCA 1463 File number(s): QUD 119 of 2020
Judgment of: DERRINGTON J
Date of judgment: 14 October 2020
Catchwords: CORPORATIONS – financial services and markets – financial services providers – licensing and regulation – requirement for licence – whether defendants were carrying on a financial services business by issuing financial products – whether loan agreements were financial products – consideration of whether investors intended their funds would be used to generate a return for them such that loans were actually facilities through which investors made a financial investment CORPORATIONS – winding up – just and equitable grounds – whether court has no confidence in management of company – company engaged in operating a financial service business without authorisation pursuant to a Australian Financial Services Licence – company operated without any appropriate financial governance or regulation – insolvent – company ordered to be wound up
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) ss 461(1)(k), 761E, 763A, 763B, 765A, 766C, 911A, 1041E, 1041H, 1101B, 1324 Federal Court of Australia Act 1976 (Cth) s 21 Corporations Regulations 2001 (Cth) r 7.1.06
Cases cited: Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union (2017) 254 FCR 68 Australian Securities and Investments Commission v ActiveSuper Pty Ltd (in liq) (2015) 235 FCR 181 Australian Securities and Investments Commission v HLP Financial Planning (Aust) Pty Ltd (2007) 164 FCR 487 Australian Securities and Investments Commission v Intertax Holdings Pty Ltd [2006] QSC 276 Australian Securities and Investments Commission v Mauer-Swisse Securities Ltd (2002) 42 ACSR 605 Australian Securities and Investments Commission v Secure Investments Pty Ltd [2020] FCA 639 Corporate Affairs Commission (NSW) v Lombard Nash International Pty Ltd (No 1) (1986) 11 ACLR 566 Forster v Jododex Australia Pty Ltd (1972) 127 CLR 421 Franklins Pty Ltd v Metcash Trading Ltd (2009) 76 NSWLR 603
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