ASIC v Adler & 4 Ors [2002] NSWSC 268

Reported Decision : (2002) 20 ACLC 723

New South Wales Supreme Court

CITATION : ASIC v Adler & 4 Ors [2002] NSWSC 268 revised - 09/04/2002 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 2753/01 HEARING DATE(S) : 21/03/02, 25/03/02, 27/03/02 JUDGMENT DATE : 27 March 2002

In the matter of HIH Insurance Limited (in provisional liquidation) ACN 008 636 575 and HIH Casualty and General Insurance Limited (in provisional liquidation) ACN 008 482 291

Australian Securities & Investments Commission (Plaintiff) PARTIES : Rodney Stephen Adler (First Defendant) Raymond Reginald Williams (Second Defendant) Dominic Fodera (Third Defendant) Adler Corporation Pty Ltd (ACN 054 924 373) (Fourth Defendant) Lynda Sharon Adler (Fifth Defendant) JUDGMENT OF : Santow J

P Durack/ A Abadee (Plaintiff) COUNSEL : C Platford (Sol.)/ A King (Sol.) (First and Fourth Defendants) P Crutchfield/ B Hammond (Sol.) (Second Defendant) J E Sexton, SC/ W Jacobs (Sol.) (Third Defendant) Jan Redfern, Solicitor for ASIC (Plaintiff) Gilbert & Tobin (First and Fourth Defendant) SOLICITORS : Arnold Bloch Leibler (agent: Sparke Helmore) (Second Defendant) Dibbs Crowther & Osborne (Third Defendant) Speed and Stracey (Fifth Defendant) CATCHWORDS : CORPORATIONS - Procedure - Equity - s1317E(2) of Corporations Act - What degree of particularity required for a declaration of "conduct" under that provision as a prerequisite to imposing a civil penalty - Nature of declaration of right in equity - Effect if any of Statute. Corporations Act s1317E(2); s1317F; s1317G LEGISLATION CITED : Corporate Law Economic Reform Program Act 1999 Corporations Law Reform Act 1992 (Cth) ASC v Donovan and Another (1998) 28 ACSR 583 Australian Securities Commission v Forem-Freeway Enterprises Pty Ltd and Others (1999) 39 ACSR 339 CASES CITED : Australian Securities Commission v Spencer (1997) 25 ACSR 143 Tannous v Mercantile Mutual Insurance Co Ltd [1978] 2 NSWLR 331 Re Tasmanian Spastic Association; Australian Securities Commission v Nandan (1997) 23 ACSR 743 DECISION : Declarations made.