Australian Securities and Investments Commission v Macrolend Pty Ltd [2024] FCA 1028

Federal Court of Australia

Australian Securities and Investments Commission v Macrolend Pty Ltd [2024] FCA 1028 File number: QUD 75 of 2024

Judgment of: SARAH C DERRINGTON J

Date of judgment: 5 September 2024

Catchwords: PRACTICE AND PROCEDURE – interlocutory application to strike out defences pursuant to rr 16.21(1)(c) and 16.21(1)(d) of the Federal Court Rules 2011 (Cth) – whether application to strike out defences can be resisted by second defendant's entitlement to claim privilege against self-exposure to penalty – whether second defendant entitled to claim the privilege – whether the injunctive relief sought in the proceeding properly characterised is penal – whether terms of injunctive relief sought drafted superfluously to masquerade penal effect EVIDENCE – whether first and third corporate defendants can only respond to proceeding by exposing second defendant to penalty – whether evidence established impossibility or impracticability for information necessary for responding to proceeding to have been obtained by persons other than second defendant

Legislation: Australian Securities and Investments Act 2001 (Cth) ss 68(3), 12DA, 12GD Corporations Act 2001 (Cth) Ch 7, Pt 5B.2, ss 206E, 601CD, 601ED(5), 601ED(8), 911A(1), 911A(5B), 1041H, 1101B, 1317E(4)(b), 1317G, 1324, 1324(1), 1349(1)(f) Evidence Act 1997 (Cth) s 187 Federal Court of Australia Act 1976 (Cth) ss 37M, 37N Federal Court Rules 2011 (Cth) rr 16.21, 16.21(1)(c), 16.21(1)(d) Corporations Amendment (Litigation Funding) Regulations 2022 (Cth)