Yi Li v Australian Securities and Investments Commission [2024] NSWSC 514

Supreme Court New South Wales

Medium Neutral Citation: Yi Li v Australian Securities and Investments Commission [2024] NSWSC 514 Hearing dates: 16 April 2024 Date of orders: 03 May 2024 Decision date: 03 May 2024 Jurisdiction: Equity - Corporations List Before: McGrath J Decision: Company reinstated and declaratory relief granted (see [40]) Catchwords: CORPORATIONS — deregistration — application for reinstatement under s 601AH(2) of the Corporations Act 2001 (Cth) — where applicant seeks declaration that he is the beneficial owner of all shares in the company — where applicant seeks removal and replacement of director upon reinstatement — HELD — application for reinstatement and declaratory relief granted; court unable to remove and replace director in light of s 601AH(5) and the absence of any specific power Legislation Cited: Corporations Act 2001 (Cth), ss 203C, 233, 601AH(2), (3), (5) Supreme Court Act 1970 (NSW), s 75 Cases Cited: AMP General Insurance Ltd v Victorian WorkCover Authority [2006] VSCA 236 Arnold World Trading Pty Ltd v ACN 133 427 335 Pty Ltd (2010) 80 ACSR 670; [2010] NSWSC 1369 CPT Custodian Pty Limited v Commissioner of State Revenue (2005) 224 CLR 98; [2005] HCA 53 Deputy Commissioner of Taxation v Australian Securities and Investments Commission; Re Civic Finance Pty Ltd (deregistered) [2010] FCA 1411; (2010) 81 ATR 456 Federal Commissioner of Taxation v Iannuzzi (No 3) [2024] FCA 45 Forster v Jododex Australia Pty Ltd (1972) 127 CLR 421; [1972] HCA 61 In the matter of Human Group Pty Ltd; In the matter of A.C.N. 137 384 662 Pty Ltd [2023] NSWSC 28 Mitzev v Foxman [2007] NSWCA 273 Oil Basins Ltd v Commonwealth (1993) 178 CLR 643; [1993] HCA 60 Pilarinos v Australian Securities and Investments Commission [2006] VSC 301; (2006) 24 ACLC 775 Re Bio Health Pharmaceuticals Pty Ltd [2020] NSWSC 1790 Re ERB International Pty Ltd (deregistered) (2014) 283 FLR 223; [2014] NSWSC 200 Re John Farragher Pty Ltd (2019) 142 ACSR 11; [2019] NSWSC 1847 Re LCW Property Holdings Limited (deregistered) [2020] NSWSC 71 Re Likehart Pty Ltd (deregistered) [2017] NSWSC 884 Re ORUgo Pty Ltd [2012] NSWSC 788 Re Spargos Mining NL (1990) 3 WAR 166; 3 ACSR 1; 8 ACLC 1218 Saunders v Vautier (1841) 4 Beav 115; 49 ER 282 Texts Cited: Geraint Thomas, Thomas on Powers (1st ed, 1998) Category: Principal judgment Parties: Yi Li (Plaintiff) Australian Securities and Investments Commission (Defendant) Representation: Counsel: I Leong (Plaintiff) No appearance (Defendant)