ASIC v Hutchings [2001] NSWSC 522

Reported Decision : (2001) 38 ACSR 387 (2001) 19 ACLC 1454

New South Wales Supreme Court

CITATION : ASIC v Hutchings [2001] NSWSC 522 revised - 2/07/2001 CURRENT JURISDICTION: Equity Division FILE NUMBER(S) : SC 1252 of 2001 HEARING DATE(S) : 5 and 10 April 2001 JUDGMENT DATE : 22 June 2001

Australian Securities and Investments Commission (Plaintiff) James Henry Hutchings (First Defendant) PARTIES : Terrence Wayne Tindall (Second Defendant) Drasmint Holdings Pty Ltd (Third Defendant) Jadam Marketing Services Pty Ltd (Fourth Defendant) Tindall Marketing Services Pty Ltd (Fifth Defendant) JUDGMENT OF : Windeyer J at 1

Mr D Stack (Plaintiff) COUNSEL : In person (First Defendant) In person (Second Defendant) No appearance (Third, Fourth and Fifth Defendants)) Jan Redfern (Plaintiff) SOLICITORS : In person (First Defendant) In person (Second Defendant) No appearance (Third, Fourth and Fifth Defendants) CATCHWORDS : CORPORATIONS - Corporations Law - partners borrowing money from individuals at a fixed rate of interest and pooling this money to invest - whether this constituted a "managed investment scheme" - whether the partners carrying on a securities business - whether the partners carrying on an investment advice business - whether banning order under s206E should be made LEGISLATION CITED : Corporations Law s9(1)(ii), s9(1)(iii), s25(1), s25(2), s420(1), s420(2), s92(1), s93, s206E(1)(a)(ii), s601EB, s601ED(1) s601EE, s780, s1142, s1143, CASES CITED : ASIC v Enterprise Solutions 2000 Pty Limited (2000) QCA 452 Waldron v Auer [1977] VR 236 DECISION : See paragraph 21