NSW Caselaw
New South Wales Supreme Court
CITATION : ASIC v. Maxwell & Ors [2003] NSWSC 1264 HEARING DATE(S) : 19 December, 2003 JUDGMENT DATE : 19 December 2003 JURISDICTION: Equity Division JUDGMENT OF : Palmer J DECISION : Defendants' application dismissed.
CATCHWORDS : CORPORATIONS - MAREVA INJUNCTION - Properties acquired for speculative real estate development - investments solicited from public prima facie in breach of Corporations Act - investment projects comprised speculative real estate investments - ASIC obtained interlocutory injunctions restraining further dealings with properties - Defendants applied to dissolve injunctions. - HELD - Speculative real estate investment inherently risky - no evidence to show subject properties were commercially viable - injunctions should not be dissolved. LEGISLATION CITED : Corporations Act 2001 (Cth) Australian Securities & Investments Commission - Plaintiff Donald Richard Maxwell - First Defendant Business Express Success Techniques Pty Ltd - Second Defendant Oceanwalk Projects Pty Ltd - Third Defendant Procorp Investments Pty Ltd - Fourth Defendant Central Development Group Pty Ltd - Fifth Defendant The Wake (Waitara) Pty Ltd - Sixth Defendant Alliance Developments Pty Ltd - Seventh Defendant Malcolm Fortune - Eighth Defendant Coakley Associates Pty Ltd - Ninth Defendant PARTIES : Bankstown Project Two Pty Ltd - Tenth Defendant Drummoyne Constructions Pty Ltd - Eleventh Defendant Great Northern Constructions Pty Ltd - Twelfth Defendant Homebush Project One Pty Ltd - Thirteenth Defendant Liverpool Projects Limited - Fourteenth Defendant Mansions on Mann Limited - Fifteenth Defendant Maroubra Properties Pty Ltd - Sixteenth Defendant Miranda Villas Pty Ltd - Seventeenth Defendant Procorp Investments (Gosford) Pty Ltd - Eighteenth Defendant Zepher Pty Ltd - Nineteenth Defendant Jim Kolios - Twentieth Defendant Northern Sight Pty Ltd - Twenty-first Defendant FILE NUMBER(S) : SC 5298/03 D.R. Stack - Plaintiff COUNSEL : C.D. Wood - First & Second Defendants A.R. Martin (Sol) - Tenth to Fifteenth and Twenty-first Defendants Michael Burnett - Plaintiff SOLICITORS : Piggott Stinson Ratner Thom - First & Second Defendants Gibson Lawyers - Tenth to Fifteenth and Twenty-first Defendants
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