ASIC v Mauer-Swisse Securities Ltd and Anor [2002] NSWSC 741

Reported Decision : 42 ACSR 605 (2002) 20 ACLC 1637

New South Wales Supreme Court

CITATION : ASIC v Mauer-Swisse Securities Ltd and Anor [2002] NSWSC 741 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 3823/02 HEARING DATE(S) : 9 August, 2002 JUDGMENT DATE : 9 August 2002

Australian Securities and Investments Commission - Plaintiff PARTIES : Mauer-Swisse Securities Limited - First Defendant Alan Goldman - Second Defendant JUDGMENT OF : Palmer J

D.R. Stack - Plaintiff COUNSEL : B.R. McClintock, P.J. Brereton - First Defendant B.R. McClintock, P.J. Brereton - Second Defendant Jan Redfern, Regional General Counsel, ASIC - Plaintiff SOLICITORS : Blake Dawson Waldron - First Defendant Blake Dawson Waldron - Second Defendant CATCHWORDS : CORPORATIONS - INJUNCTIONS - INTERIM INJUNCTIONS - Application by ASIC under s.1324(4) Corporations Act for interim injunctions - principles applicable - whether Court has regard only to whether serious question to be tried and where balance of convenience lies - inconsistency in authorities - ASIC v Sweeney [2001] NSWSC 114, ASIC v Parkes (2001) 38 ACSR 355, ASIC v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561 followed - ASIC v Cooke (1996) 22 ACSR 580, Liquorland (Aust) Pty Ltd v Anghie [2001] VSC 362, Westgold Resources NL v Precious Metals Australia Ltd (2002) 41 ACSR 672 not followed. Australian Securities and Investments Commission Act (2001) (Cth) - s.1(2), s.33 Companies Act (1981) (Cth) - s.574(5), (6) LEGISLATION CITED : Companies (Acquisition of Shares) (Queensland) Code - s.45(1), s.49(2A), (2B) Corporations Act, 2001 (Cth) - s.911A, s.1324(1), (3), (4), (6), (7), (8) Supreme Court Act 1970 (NSW) - Adsteam Building Industries Pty Ltd v Queensland Cement & Lime Co Ltd [1984] 2 Qd R 1 - Algar v Middlesex County Council [1945] 2 All ER 243 - ASIC v Cooke (1996) 22 ACSR 580 - ASIC v Mauer-Swisse Securities Ltd [2002] NSWSC 684 - ASIC v Parkes (2001) 38 ACSR 355 - ASIC v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561 CASES CITED : - ASIC v Sweeney [2001] NSWSC 114 - Castlemaine Tooheys Ltd v South Australia (1986) 161 CLR 148 - Corporate Affairs Commission (NSW) v Lombard Nash International Pty Ltd (1986) 11 ACLR 566 - Evans Deakin Industries Limited, Re [1981] Qd.R. 321 - Liquorland (Aust) Pty Ltd v Anghie [2001] VSC 362 - NCSC v Monsoon Nominees Pty Ltd (1990) 3 ACSR 361 - Westgold Resources NL v Precious Metals Australia Ltd (2002) 41 ACSR 672 - World Series Cricket Ltd v Parish (1977) 16 A.L.R. 181 DECISION : Interim injunctions continued.