ASIC v Adler & 4 Ors [2002] NSWSC 510

Reported Decision : 42 ACSR 74 (2002) 20 ACLC 1183

New South Wales Supreme Court

CITATION : ASIC v Adler & 4 Ors [2002] NSWSC 510 revised - 06/06/2002 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 2753/01 HEARING DATE(S) : 05/06/02, 06/06/02 JUDGMENT DATE : 6 June 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 Rodney Stephen Adler First Defendant Raymond Reginald Williams PARTIES : 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

R B S Macfarlan QC/ P Durack (Plaintiff) COUNSEL : S Glass (solicitor)/ C Platford (solicitor) (First and Fourth Defendants) B Hammond (solicitor) (Second Defendant) J E Sexton, SC/ W Jacobs (solicitor) (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 - Stay of orders or variation of orders for compensation and pecuniary penalty under Corporations Act - Relevant considerations - Relevance of anticipated appeal to Court of Appeal. LEGISLATION CITED : Corporations Act 2001; s206C; s206E; s206G Alexander v Cambridge Credit Corporation (1985) 2 NSWLR 685 CASES CITED : In re Blackspur Group Plc [1997] 1 WLR 710 Secretary of State for Trade and Industry v Bannister [1996] 1 WLR 118 DECISION : Short stay only allowed to accommodate application to Court of Appeal.