Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Kaur [2023] FCA 599 File number: WAD 293 of 2020
Judgment of: JACKSON J
Date of judgment: 7 June 2023
Catchwords: CORPORATIONS - operation of unregistered managed investment scheme in contravention of s 601ED(5) of the Corporations Act 2001 (Cth) - carrying on financial services business without an Australian Financial Services Licence in contravention of s 911A of the Corporations Act - investor funds advanced in the form of loans - investor funds were to be pooled and invested into real property projects managed by second defendant - some investor funds or scheme property used by first defendant for benefit of herself and other defendants - many investors not repaid - capital invested likely to have been lost - fourth defendant as director of second defendant breached duty of care and diligence - parties have agreed to entry of judgment against defendants and to facts of contravening conduct - winding up unregistered managed investment scheme - disqualification from managing corporations - appointment of receivers
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Division 1, Part 3 Corporations Act 2001 (Cth) ss 9, 19, 180, 206C, 206G, 459B, 461, 464, 601ED, 601EE, 761E, 763A, 763B, 764A, 766A, 766B, 766C, 911A, 1101B, 1311, 1317E, 1317H, 1317J, 1323, 1324 Evidence Act 1995 (Cth) s 191 Superannuation Industry (Supervision) Act 1993 (Cth) s 10
Cases cited: Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 1405 Australian Securities and Investments Commission v ActiveSuper Pty Ltd (No 2) [2013] FCA 234 Australian Securities and Investments Commission v Adler [2002] NSWSC 483 Australian Securities and Investments Commission v Elm Financial Services Pty Ltd [2005] NSWSC 1065 Australian Securities and Investments Commission v Hutchings [2001] NSWSC 522 Australian Securities and Investments Commission v Managed Investments Ltd (No 10) [2017] QSC 96 Australian Securities and Investments Commission v Marco (No 6) [2020] FCA 1781 Australian Securities and Investments Commission v Maxwell [2006] NSWSC 1052 Australian Securities and Investments Commission v McDougall [2006] FCA 427 Australian Securities and Investments Commission v MyWealth Manager Financial Services Pty Ltd (No 3) [2020] FCA 1035 Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd [2002] NSWSC 310 Australian Securities and Investments Commission v White [2006] VSC 239 Australian Securities and Investments Commission v Woolridge [2019] FCAFC 172 Commonwealth of Australia v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; (2015) 258 CLR 482 Daniels (formerly practising as Deloitte Haskins & Sells) v Anderson (1995) 37 NSWLR 438 Minister for the Environment, Heritage and the Arts v PGP Developments Pty Limited [2010] FCA 58; (2010) 183 FCR 10 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 Sheahan v Verco [2001] SASC 91; (2001) 79 SASR 109
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