Australian Securities and Investments Commission v Brite Advisors Pty Ltd [2024] FCA 69

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Brite Advisors Pty Ltd [2024] FCA 69 File number(s): WAD 13 of 2024

Judgment of: O'SULLIVAN J

Date of judgment: 6 February 2024

Date of publication of reasons: 9 February 2024

Catchwords: CORPORATIONS – application by the Australian Securities and Investments Commission (ASIC) to wind up the defendant on just and equitable grounds pursuant to s 461(1)(k) of the Corporations Act 2001 (Cth) – application by ASIC to appoint liquidators – application by ASIC to appoint receivers and managers of trust assets – relevant principles for winding up orders on just and equitable grounds – where the defendant carries on a financial services business in Australia – defendant already in receivership – whether winding up order should be made – where there is a lack of confidence in the conduct and management of the company affairs and a risk to the public – orders made

Legislation: Corporations Act 2001 (Cth), ss 420, 461(1)(k), 462, 464, 466(2), 472(1), 477(2) Federal Court of Australia Act 1976 (Cth), s 57 Federal Court Rules 2011 (Cth), rr 14.21, 14.22

Cases cited: ASIC v Chase Capital [2001] WASC 27; (2001) 36 ACSR 778 Australian Securities and Investments Commission v Activesuper Pty Ltd (No 2) [2013] FCA 234; (2013) 93 ACSR 189 Australian Securities and Investments Commission v Finchley Central Funds Management Ltd [2009] FCA 1110 Australian Securities and Investments Commission v Merlin Diamonds Ltd (ACN 009 153 119) [2020] FCA 411; (2020) 143 ACSR 426 Australian Securities Commission v AS Nominees Limited (1995) 18 ACSR 459