Australian Competition and Consumer Commission v Master Wealth Control Pty Ltd [2024] FCA 344

Federal Court of Australia

Australian Competition and Consumer Commission v Master Wealth Control Pty Ltd [2024] FCA 344 File number: NSD 1104 of 2022

Judgment of: JACKMAN J

Date of judgment: 9 April 2024

Catchwords: CONSUMER LAW – misleading and deceptive conduct – where first respondent represented that: first, distressed homeowners lose remaining equity in their property because "banks don't give change"; second, a so-called "Vestey Trust" structure would enable consumers to protect all assets; and third, that "Vestey Trust" structure had been tested and upheld as effective by the Full Court – whether second respondent liable as accessory – where second respondent had actual knowledge that conduct was misleading and deceptive – declaratory relief granted

Legislation: Bills of Exchange Act 1909 (Cth) ss 89(1), 95(1) Competition and Consumer Act 2010 (Cth) s 75B, Sch 2 ('Australian Consumer Law') ss 18, 29(1)(b), 29(1)(g), 29(1)(m), 34, 224, 248 Evidence Act 1995 (Cth) s 140(2) National Consumer Credit Protection Act 2009 (Cth) Sch 1 ('National Credit Code') s 107(2) Conveyancing Act 1919 (NSW) s 12 Property Law Act 1974 (Qld) s 88(1) Real Property Act 1886 (SA) s 135 Real Property Act 1900 (NSW) s 58(3) Transfer of Land Act 1893 (WA) s 109(1) Transfer of Land Act 1958 (Vic) s 77(3)

Cases cited: Anchorage Capital Master Offshore Limited v Sparkes [2023] NSWCA 88; (2023) 111 NSWLR 304 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 634; (2014) 317 ALR 73 Australian Competition and Consumer Commission v Employsure Pty Ltd [2021] FCAFC 142; (2021) 392 ALR 205 Australian Competition and Consumer Commission v Mazda Australia Pty Ltd [2023] FCAFC 45 Australian Competition and Consumer Commission v TPG Internet Pty Ltd [2013] HCA 54; (2013) 250 CLR 640 Australian Competition and Consumer Commission v viagogo AG [2019] FCA 544 Australian Competition and Consumer Commission v We Buy Houses Pty Ltd [2017] FCA 915 Australian Securities and Investments Commission v Australian Investors Forum Pty Ltd (No 2) [2005] NSWSC 267; (2005) 53 ACSR 305 Australian Securities and Investments Commission v Somerville [2009] NSWSC 934; (2009) 77 NSWLR 110 Campomar Sociedad, Limitada v Nike International Ltd [2000] HCA 12; (2000) 202 CLR 45 Care A2 Plus Pty Ltd v Pichardo [2024] NSWCA 35 Construction, Forestry, Mining and Energy Union v Clarke [2007] FCAFC 87; (2007) 164 IR 299 Fair Work Ombudsman v South Jin Pty Ltd [2015] FCA 1456 Gore v Octahim Wise Ltd [1995] 2 Qd R 242 Handevel Proprietary Limited v Comptroller of Stamps (Victoria) (1985) 157 CLR 177 In re Baron Vestey's Settlement; Lloyd's Bank Ltd v O'Meara [1951] Ch 209 Ireland v WG Riverview Pty Ltd [2019] NSWCA 307; (2019) 101 NSWLR 658 Kuhl v Zurich Financial Services Australia Ltd [2011] HCA 11; (2011) 243 CLR 361 Norman v Federal Commissioner of Taxation (1963) 109 CLR 9 Productivity Partners Pty Ltd v Australian Competition and Consumer Commission [2023] FCAFC 54; (2023) 297 FCR 180 Pyrotek Pty Ltd v Ausco Industries Pty Ltd [1991] FCA 743 Qantas Airways Ltd v Transport Workers' Union of Australia [2011] FCA 470; (2011) 280 ALR 503 Rural Press Ltd v Australian Competition and Consumer Commission [2003] HCA 75; (2003) 216 CLR 53 Self Care IP Holdings Pty Ltd v Allergan Australia Pty Ltd [2023] HCA 8; (2023) 408 ALR 195; (2023) 97 ALJR 388 Sharrment Pty Ltd v Official Trustee in Bankruptcy (1988) 18 FCR 449 State of Western Australia v Bourke (No 3) [2010] WASC 110 Truong v R [2004] HCA 10; (2004) 223 CLR 122 Turner v O'Bryan-Turner [2021] NSWSC 5 Vestey v Inland Revenue Commissioners [1962] Ch 861 Vestey v Inland Revenue Commissioners [1980] AC 1148 Yorke v Lucas (1985) 158 CLR 661