Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Finder Wallet Pty Ltd [2024] FCA 228 File number: NSD 1102 of 2022
Judgment of: MARKOVIC J
Date of judgment: 14 March 2024
Catchwords: CORPORATIONS – financial products – whether defendant carried on a financial services business without holding an Australian Financial Services Licence – meaning of debenture in s 9 of the Corporations Act 2001 (Cth) – whether transaction created a chose in action – whether moneys deposited or loaned – whether moneys to be repaid as debt – where transaction created only contractual promise to repay – where the financial product was not a debenture
Legislation: Corporations Act 2001 (Cth) ss 9, 92, 700, 727, 766A, 766C, 761E, 764A911A, 994B, 1101B, 1317E, 1324 Federal Court of Australia Act 1976 (Cth) s 21
Cases cited: ABN Amro Bank NV v Bathurst Regional Council (2014) 224 FCR 1 Australian Securities and Investments Commission v Secure Investments Pty Ltd (No 2) (2020) 148 ACSR 154; [2020] FCA 1463 Dialogue Consulting Pty Ltd v Instagram Inc (2020) 291 FCR 155 Geeveekay Pty Ltd v Director of Consumer Affairs Victoria (2008) 19 VR 512 Handevel Pty Ltd v Comptroller of Stamps (Vic) (1985) 157 CLR 177 Oceanic Sun Line Special Shipping Company Inc v Fay (1988) 165 CLR 197 Philipp v Barclays Bank UK plc [2023] 4 All ER 847 Surfstone Pty Ltd v Morgan Consulting Engineers Pty Ltd [2016] 2 Qd R 194 Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd (2004) 219 CLR 165
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