ASIC v Edwards [2004] NSWSC 1044

Reported Decision : 51 ACSR 320 (2005) 23 ACLC 37

New South Wales Supreme Court

CITATION : ASIC v Edwards [2004] NSWSC 1044 HEARING DATE(S) : 08/11/04 JUDGMENT DATE : 9 November 2004

JURISDICTION: Equity Division Corporations List JUDGMENT OF : Barrett J DECISION : Undertaking proffered to the court not accepted

CATCHWORDS : CORPORATIONS - ASIC claims declaration of contravention and disqualification order - claim compromised - defendant proffers undertaking to the court not to be engaged in management of corporations for stated period - whether court should accept undertaking where no power to make order in like terms LEGISLATION CITED : Australian Securities and Investments Commission Act 2001 (Cth), s.93AA Corporations Act 2001 (Cth), ss.206A(1), 260C(1), 588G(2), 1317E Australian Competition and Consumer Commission v Woolworths (South Australia) Pty Ltd (2003) 198 ALR 417 Australian Securities and Investments Commission v Rich (2004) 50 ACSR 500 CASES CITED : Australian Securities and Investments Commission v Tower Australia Ltd [2003] FCA 660 Re One.Tel Ltd; Australian Securities and Investments Commissioner v Rich (2003) 44 ACSR 682 Thomson Australian Holdings Pty Ltd v Trade Practices Commission (1981) 148 CLR 150 Australian Securities and Investments Commission - Plaintiff PARTIES : Malcolm Leslie Edwards - First Defendant Leonard George Jones - Second Defendant FILE NUMBER(S) : SC 5254/03 COUNSEL : Mr D R Stack - Plaintiff First Defendant in person SOLICITORS : Australian Securities and Investments Commission Solicitor - Plaintiff First Defendant in Person