ASIC v Triton Underwriting Insurance Agency [2003] NSWSC 1145

48 ACSR 249 Reported Decision : (2004) 13 ANZ Insurance Cases 61-590 (2004) 22 ACLC 86

New South Wales Supreme Court

CITATION : ASIC v Triton Underwriting Insurance Agency [2003] NSWSC 1145 HEARING DATE(S) : 01/12/03 JUDGMENT DATE : 3 December 2003

JURISDICTION: Equity Division Corporations List JUDGMENT OF : Barrett J DECISION : Interlocutory injunctions refused; Interlocutory orders precluding movement of money made

CATCHWORDS : CORPORATIONS - provision of financial services without a licence - application for interim injunction under s.1324(4) - relevance of balance of convenience - what is "desirable" - application for licence pending Corporations Act 2001 (Cth) LEGISLATION CITED : Financial Services Reform Act 2001 (Cth) Insurance (Agents and Brokers) Act 1984 (Cth) Adsteam Building Industries Pty Ltd v Queensland Cement & Lime Co Ltd [1984] 2 QdR 1 ASIC v Cooke (1996) 22 ACSR 580 ASIC v Marshall Bell Hawkins Ltd (2002) 43 ACSR 340 ASIC v Mauer-Swisse Securities Ltd (2002) 42 ACSR 605 CASES CITED : ASIC v Parkes (2001) 38 ACSR 355 ASIC v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561 ASIC v Sweeney [2001] NSWSC 114 Liquorland (Aust) Pty Ltd v Anghie (2001) 20 ACLC 58 NCSC v Monsoon Nominees Pty Ltd (1990) 3 ACSR 361 Westgold Resources NL v Precious Metals Australia Ltd (2002) 21 ACSR 672 Australian Securities and Investments Commission - Plaintiff Triton Underwriting Insurance Agency Pty Limited - First Defendant PARTIES : Aradlay Insurance Brokers Pty Limited - Second Defendant Trans Pacific Insurance Corporation - Third Defendant Ian Lindsay Douglas - Fourth Defendant Gregory John Bunt - Fifth Defendant FILE NUMBER(S) : SC 5810/03 Mr D R Stack - Plaintiff COUNSEL : Mr M Walton SC/Mr S T White - First, Third, Fourth and Fifth Defendants Mr A A Carney, Solicitor - Second Defendant Jan Redfern - Plaintiff SOLICITORS : Wotton & Kearney - First, Third, Fourth and Fifth Defendants Carneys Lawyers - Second Defendant