Stewart v Spicer Thoroughbreds Pty Ltd [2022] NSWSC 558

Supreme Court New South Wales

Medium Neutral Citation: Stewart v Spicer Thoroughbreds Pty Ltd [2022] NSWSC 558 Hearing dates: 26 and 27 April 2022 Decision date: 09 May 2022 Jurisdiction: Equity - Commercial List Before: Black J Decision: Proceedings dismissed. Parties to bring in agreed orders to give effect to this judgment and as to costs within 7 days. Catchwords: CORPORATIONS — Managed investment scheme — whether thoroughbred racing horse investment schemes are managed investment schemes as defined in s 9 of the Corporations Act 2001 (Cth) — whether the schemes were required to be registered under s 601ED — whether the relevant contracts were voidable under s 601MB — whether a declaration should be made concerning an alleged contravention of s 911A of the Corporations Act 2001 (Cth) Legislation Cited: Corporations Act 2001 (Cth), s 9, s 79, s 601ED, s 601MB, s 911A, s 1012E Cases Cited: - Adler v Australian Securities and Investments Commission; Williams v Australian Securities and Investments Commission (2003) 46 ACSR 504; 21 ACLC 1810; [2003] NSWCA 131 - Attorney-General (NSW); Ex rel Corporate Affairs v Australian Softwood Forests Pty Ltd [1979] 2 NSWLR 73 - Australian Securities and Investments Commission v Great Northern Developments Pty Ltd [2010] NSWSC 1087 - Australian Securities and Investments Commission v Karl Suleman Enterprizes Pty Ltd (in liq) (2003) 177 FLR 147; 45 ACSR 401; [2003] NSWSC 400 - Australian Securities and Investments Commission v Knightsbridge Managed Funds Ltd [2001] WASC 339 - Australian Securities and Investments Commission v Marco (No 6) [2020] FCA 1781 - Australian Securities and Investments Commission v Maxwell (2006) 59 ACSR 373; 24 ACLC 1308; [2006] NSWSC 1052 - Australian Securities and Investments Commission v My Wealth Manager Financial Services Pty Ltd (No 3) [2020] FCA 10 - Australian Securities & Investments Commission v PE Capital Funds Management Ltd (admins apptd) [2022] FCA 76 - Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561; [2002] NSWSC 310 - Australian Securities and Investments Commission v Primelife Corp Ltd (2005) 54 ACSR 536; [2005] FCA 1229 - Australian Securities and Investments Commission v Takaran Pty Ltd (2002) 43 ACSR 46 at 49; 28 ACLC 1732; [2002] NSWSC 834 - Brightwater Care Group (Inc) v Rossiter (2009) 40 WAR 84; [2009] WASC 229 - Brookfield Multiplex Ltd v International Litigation Funding Partners Pte Ltd (2009) 180 FCR 11; 260 ALR 643; 74 ACSR 447; [2009] FCAFC 147 - Burton v Aurcus (2006) 32 WAR 366; [2006] WASCA 71 - Karl Suleman Enterprizes Pty Ltd (in liq) v Babanour (2004) 49 ACSR 612; 22 ACLC 931; [2004] NSWCA 214 - McRobert Superannuation Pty Ltd v Cranston [2021] WASCA 126 - Waters v Mercedes Holdings Pty Ltd (2012) 203 FCR 218; (2012) 90 ACSR 45; [2012] FCAFC 80 - Mier v FN Management Pty Ltd [2006] 1 Qd R 339; (2005) 56 ACSR 93; [2005] QCA 408 - Neeta (Epping) Pty Ltd v Phillips [1974] HCA 18 ; (1974) 131 CLR 286 - Pharmacy Guild of Australia v Ramsay Health Care Ltd [2019] NSWSC 1045 - Premium Income Fund Action Group Incorporated v Wellington Capital Ltd (2011) 84 ACSR 600; [2011] FCA 698 - Re Earth Civil Australia Pty Ltd [2021] NSWSC 966 - Re HIH Insurance Ltd and HIH Casualty and General Insurance Ltd; Australian Securities and Investments Commission v Adler (2002) 41 ACSR 72; 20 ACLC 576; [2002] NSWSC 171 - Re IW4U Pty Ltd (in liq) (2021) 150 ACSR 146; [2021] NSWSC 40 - Re Willmott Forests Limited (in liq) and Willmott Finance Pty Ltd (in liq) (2011) 85 ACSR 71 - Re York Street Mezzanine Pty Ltd (in liq) (2007) 162 FCR 358; 240 ALR 567; [2007] FCA 922 - Waters v Mercedes Holdings Pty Ltd (2012) 203 FCR 218; (2012) 90 ACSR 45; [2012] FCAFC 80 - Webster (Trustee) v Murray Goulburn Co-op Co Ltd (No 2) [2017] FCA 1260 Texts Cited: - J Woolf, The Declaratory Judgment (Sweet & Maxwell, 4th ed, 2011) - PW Young, C Croft and ML Smith, On Equity (Lawbook Co, 2009) Category: Principal judgment Parties: John Stewart (Plaintiff) Spicer Thoroughbreds Pty Ltd (First Defendant) Brad John Spicer (Second Defendant) Representation: Counsel: D Klineberg (Plaintiff) M Izzo SC/D Levi (Defendants)