ASIC v Rich [2003] NSWSC 85

Reported Decision : (2003) 44 ACSR 341 (2003) 21 ACLC 450

New South Wales Supreme Court

CITATION : ASIC v Rich [2003] NSWSC 85 HEARING DATE(S) : 1 & 18 November 2002 JUDGMENT DATE : 24 February 2003 JURISDICTION: Equity JUDGMENT OF : Austin J DECISION : Application for summary dismissal dismissed; application for supply of further and better particulars stood over.

CATCHWORDS : CORPORATIONS - chairman of directors - statutory duty of care - meaning of words "the same responsibilities within the corporation" in s 180(1)(b) - relevance of evidence of usual practice of chairman of listed Australian companies LEGISLATION CITED : Corporations Act 2001 (Cth) ss 9, 180 ASIC v Whitlam (2002) 42 ACSR 407 AWA Ltd v Daniels (1992) 7 ACSR 759 Byrne v Baker [1964] VR 443 Colorado Constructions Pty Ltd v Platus [1966] 2 NSWR 598 Commonwealth Bank of Australia v Friedrich (1991) 5 ACSR 115 Daniels v Anderson (1995) 37 NSWLR 438 Dovey v Cory [1901] AC 477 Federal Deposit Insurance Corporation v Stanley, 770 FSupp 1281 (1991) CASES CITED : Francis v United Jersey Bank, 432 A.2d 814 (1981) Graham v Allis-Charmers Manufacturing Company,188 A.2d 125 (1963) Huckerby v Elliott [1970] 1 All ER 189 Kelly v Wolstenholme (1991) 4 ACSR 709 Re City Equitable Fire Insurance Co [1925] 1 Ch 407 Re HIH Insurance Ltd; Australian Securities and Investments Commission v Adler (2002) 41 ACSR 72 Vrisakis v Australian Securities Commission (1993) 9 WAR 395 Wishart v Henneberry (1962) 3 FLR 171 Woolworths Ltd v Kelly (1991) 4 ACSR 431 Woonda Nominees Pty Ltd v Chng (2000) 34 ACSR 558 Australian Securities & Investments Commission (P) John David Rich (D1) PARTIES : Bradley William Keeling (D2) John Huyshe Grieves (D3) Mark Alan Silbermann (D4) FILE NUMBER(S) : SC 5934/01 COUNSEL : M Pembroke SC with P Durack & N Beaumont (P) J N West QC with M A Jones (D3) SOLICITORS : Jan Redfern, Solicitor for Australian Securities & Investments Commission (P) Watson Mangioni (D3)