Adler & Anor v Australian Securities and Investments Commission [2002] NSWCA 303

Reported Decision : (2003) 43 ACSR 35

New South Wales Court of Appeal

CITATION : Adler & Anor v Australian Securities and Investments Commission [2002] NSWCA 303 FILE NUMBER(S) : CA 40538/02 HEARING DATE(S) : 9 September 2002 JUDGMENT DATE : 9 September 2002

PARTIES : Rodney Stephen Adler & Adler Corporation Pty Ltd - Claimants Australian Securities and Investments Commission - Opponent JUDGMENT OF : Giles JA

LOWER COURT JURISDICTION : Supreme Court - Equity Division LOWER COURT ED 2753/01 FILE NUMBER(S) : LOWER COURT Santow J JUDICIAL OFFICER :

COUNSEL : I M Jackman - Claimants R B S Macfarlan QC & A J Abadee - Opponent SOLICITORS : Gilbert + Tobin - Claimants Jan Redfern Solicitor for ASIC - Opponent CATCHWORDS : Corporations - order of disqualification from managing - appeal - whether stay of order pending appeal - case for stay not made out. CASES CITED: Secretary of State for Trade and Industry v Bannister (1996) 1 WLR 118. DECISION : Order that order 1 made by Santow J on 6 June 2002 be stayed pending determination of the appeal to the extent necessary to permit Mr Adler to continue as a director of Adler Corporation for the purposes of (a) Adler Corporation instructing lawyers to prosecute the appeal on its behalf; and (b) Adler Corporation selling assets and using the proceeds of any such sale to pay penalties and compensation in accordance with orders 2, 6 and 7 made by Santow J by 6 December 2002. Notice of motion otherwise dismissed. Order that the claimants pay the opponent's costs of the notice of motion.

IN THE SUPREME COURT OF NEW SOUTH WALES COURT OF APPEAL CA 40538/02 ED 2753/01