ASIC v Vines [2003] NSWSC 1095

Reported Decision : 48 ACSR 291

New South Wales Supreme Court

CITATION : ASIC v Vines [2003] NSWSC 1095 HEARING DATE(S) : 18/11/03, 19/11/03, 20/11/03 JUDGMENT DATE : 25 November 2003 JURISDICTION: Equity JUDGMENT OF : Austin J DECISION : Expert evidence admissible, subject to paragraph by paragraph assessment.

CATCHWORDS : EVIDENCE - expert opinion evidence - experts give opinions on what a reasonably competent chief financial officer and reinsurance manager would do in the defendants' positions in stated circumstances - opinions based on multiple assumptions - principles as to admissibility under s 79 - whether evidence should be excluded under s 135 LEGISLATION CITED : Corporations Law s 232 Evidence Act 1995 (NSW) ss 75, 79, 135 Adler v ASIC (2003) 46 ACSR 504 Allstate Life Insurance Co v Australia and New Zealand Banking Group Limited (No 6) (1996) 137 ALR 138 Arnotts Ltd v Trade Practices Commission (1990) 24 FCR 313 ASIC v Adler (No 1) (2002) 20 ACLC 222 Australian Cement Holdings Pty Ltd v Adelaide Brighton Ltd [2001] NSWSC 645 Clark v Ryan (1960) 103 CLR 486 Dean-Willcocks v Commonwealth Bank of Australia (2003) 45 ACSR 564 Godfrey v New South Wales (No 1) [2003] NSWSC 160 HG v The Queen (1999) 197 CLR 414 Maronis Holdings Ltd v Nippon Credit Australia Pty Ltd (2001) 38 ACSR 404 CASES CITED : MB v Protective Commissioner [2000] NSWSC 718 Midland Bank Trust Co Ltd v Hett Stubbs & Kemp [1979] 1 Ch 384 O'Brien v Gillespie (1996) 41 NSWLR 549 Permanent Trustee Australia Ltd v Boulton (1994) 33 NSWLR 735 Quick v Stoland (1998) 87 FCR 371 R v Bonython (1984) 38 SASR 45 R v GK (2001) 53 NSWLR 317 Rabelais Pty Ltd v Cameron (Supreme Court of New South Wales, Hodgson J, 8 February 1993, unreported, BC9302077) Re Action Waste Collections Pty Ltd [1981] VR 691 Sydneywide Distributors Pty Ltd v Red Bull Australia Pty Ltd (2002) 55 1PR 354 ULV Pty Ltd v Scott (1990) 19 NSWLR 190 Velevski v The Queen (2002) 76 ALJR 402 Australian Securities and Investments Commission (P) PARTIES : Geoffrey William Vines (D1) Francis Timothy Robertson (D2) Timothy John Henry Fox (D3) FILE NUMBER(S) : SC 3138/01 S D Robb QC with R Beech-Jones & E Collins (P) COUNSEL : B Oslington QC with G Seib (D1) D L Williams SC with M Fisher (D2) J W J Stevenson SC with L P Menzies (D3) Jan Redfern, Solicitor for Australian Securities and Investments Commission (P) SOLICITORS : Sparke Helmore (D1) Henry Davis York (D2) Gadens (D3)