ASIC v Elm Financial Services Pty Ltd & Ors [2005] NSWSC 1020

Reported Decision : 55 ACSR 411

New South Wales Supreme Court

CITATION : ASIC v Elm Financial Services Pty Ltd & Ors [2005] NSWSC 1020

HEARING DATE(S) : 06/10/05

JUDGMENT DATE : 11 October 2005

Equity Division JURISDICTION : Corporations List

JUDGMENT OF : Barrett J

DECISION : Declarations of contravention and disqualification orders made; undertakings accepted (see paragraph 12 and First Schedule and paragraph 13 and Second Schedule)

CATCHWORDS : CORPORATIONS - application by ASIC for declarations of contravention of various investor protection provisions - court invited to make orders by consent on basis of statements of agreed facts - whether agreed facts warrant making of declarations - whether court should give effect to parties' agreement as to penalty

LEGISLATION CITED : Corporations Act 2001 (Cth), ss.206C(1), 206E(1), 1317E

Australian Prudential Regulation Authority v Derstepanian [2005] FCA 1121 Australian Securities and Investments Commission v Rich (2004) 50 ACSR 500 Australian Securities and Investments Commission v Vizard (2005) 54 ACSR 395 CASES CITED : Minister for Industry Tourism and Resources v Mobil Oil Australia Pty Ltd [2004] ATPR 41-993 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 Re One.Tel Ltd; Australian Securities and Investments Commission v Rich (2003) 44 ACSR 682

Australian Securities and Investments Commission - Plaintiff Elm Financial Services Pty Ltd - First Defendant PARTIES : Andrew Terracini - Ninth Defendant Howard Young - Twelfth Defendant