Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Blue Star Helium Limited (No 4) [2021] FCA 1578 File number: WAD 588 of 2017
Judgment of: BANKS-SMITH J
Date of judgment: 16 December 2021
Catchwords: CORPORATIONS - penalties and relief - where failure to comply with continuous disclosure obligations under s 674(2) of Corporations Act 2001 (Cth) by listed public company - where director of company who was chair and chief executive officer contravened s 180 of the Corporations Act by failing to exercise care and diligence in causing or permitting the company to contravene s 674(2) - declarations of contraventions by company and by director - where Australian Securities and Investments Commission sought disqualification of director from managing companies - whether as a matter of statutory construction pecuniary penalties must be considered before disqualification - where appropriate that disqualification be considered first - whether contraventions serious - factors to be taken into consideration - application of totality principle - whether disqualification order justified - whether pecuniary penalty justified - director disqualified and pecuniary penalty imposed
Legislation: Corporations Act 2001 (Cth) ss 180, 206C, 674, 1317DA, 1317E, 1317EA, 1317F, 1317G, Parts 2D.6, 9.4B Federal Court of Australia Act 1976 (Cth) s 21
Cases cited: Alcan (NT) Alumina Pty Ltd v Commissioner of Territory Revenue [2009] HCA 41; (2009) 239 CLR 27 Australian Competition and Consumer Commission v Renegade Gas Pty Ltd (trading as Supagas NSW) [2014] FCA 1135 Australian Securities and Investments Commission v Adler [2002] NSWSC 483 Australian Securities and Investments Commission v Beekink [2007] FCAFC 7 Australian Securities and Investments Commission v Big Star Energy Limited (No 3) [2020] FCA 1442 Australian Securities and Investments Commission v Citrofresh International Ltd (No 3) [2010] FCA 292 Australian Securities and Investments Commission v Flugge (No 2) [2017] VSC 117 Australian Securities and Investments Commission v Forex Capital Trading Pty Limited, in the matter of Forex Capital Trading Pty Limited [2021] FCA 570 Australian Securities and Investments Commission v Healey (No 2) [2011] FCA 1003; (2011) 196 FCR 430 Australian Securities and Investments Commission v Helou (No 2) [2020] FCA 1650 Australian Securities and Investments Commission v Hochtief Aktiengesellschaft [2016] FCA 1489 Australian Securities and Investments Commission v Macdonald (No 12) [2009] NSWSC 714 Australian Securities and Investments Commission v Soust (No 2) [2010] FCA 388 Australian Securities and Investments Commission v Vocation Limited (in liq) (No 2) [2019] FCA 1783 Australian Securities and Investments Commission, in the matter of Padbury Mining Limited v Padbury Mining Limited [2016] FCA 990 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 BMW Australia Ltd v Brewster [2019] HCA 45; (2019) 269 CLR 574 Commonwealth of Australia v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; (2015) 258 CLR 482 Forster v Jododex Australia Pty Limited (1972) 127 CLR 421 Gillfillan v Australian Securities and Investments Commission [2012] NSWCA 370 Minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs v BFW20 by his Litigation Representative BFW20A [2020] FCAFC 121; (2020) 279 FCR 475 Morley v Australian Securities and Investments Commission (No 2) [2011] NSWCA 110 Pattinson v Australian Building and Construction Commissioner [2020] FCAFC 177; (2020) 282 FCR 580 Project Blue Sky Inc v Australian Broadcasting Authority (1998) 194 CLR 355 Re Idylic Solutions Pty Ltd; Australian Securities and Investments Commission v Hobbs [2013] NSWSC 106 Rich v Australian Securities and Investments Commission [2004] HCA 42; (2004) 220 CLR 129 Rural Press Limited v Australian Competition and Consumer Commission [2003] HCA 75; (2003) 216 CLR 53 SZTAL v Minister for Immigration and Border Protection [2017] HCA 34; (2017) 262 CLR 362 Trade Practices Commission v CSR Ltd [1990] FCA 762; [1991] ATPR ¶41-076
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