Australian Securities and Investments Commission v BSF Solutions Pty Ltd [2023] FCA 1406

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v BSF Solutions Pty Ltd [2023] FCA 1406 File number(s): NSD 1110 of 2023

Judgment of: JACKMAN J

Date of judgment: 10 November 2023

Catchwords: CONSUMER LAW – consumer credit – alleged contraventions of the National Consumer Credit Protection Act 2009 (Cth) (Credit Act) and the National Credit Code at Sch 1 of the Credit Act – application for interim injunctions under s 177 of the Credit Act – serious question to be tried as to whether, in substance, various fees are charges for providing credit – whether the balance of convenience favours the grant of injunctions – where the amounts charged would have been capped if the respondents held Australian credit licences – where there is a risk that the grant of injunctions would cause the respondents to enter insolvency – where the applicant delayed in seeking the injunctions – application dismissed

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) s 33 National Consumer Credit Protection Act 2009 (Cth) ss 6, 7, 8, 9, 29, 32, 177, 179, Sch 1 (National Credit Code), ss 5, 6

Cases cited: Australian Securities and Investments Commission v BHF Solutions Pty Ltd [2021] FCA 684; (2021) 153 ACSR 469 Australian Securities and Investments Commission v BHF Solutions Pty Ltd [2022] FCAFC 108; (2022) 293 FCR 330 Australian Securities and Investments Commission v Financial Circle Pty Ltd [2018] FCA 2; (2018) 353 ALR 137 Australian Securities and Investments Commission v Mauer-Swisse Securities Ltd [2002] NSWSC 741; (2002) 42 ACSR 605