ASIC v Elm Financial Services Pty Ltd & Ors [2005] NSWSC 1065

Reported Decision : 55 ACSR 544

New South Wales Supreme Court

CITATION : ASIC v Elm Financial Services Pty Ltd & Ors [2005] NSWSC 1065

HEARING DATE(S) : 18/10/05

JUDGMENT DATE : 21 October 2005

Equity Division JURISDICTION : Corporations List

JUDGMENT OF : Barrett J

DECISION : Declarations of contravention and disqualification orders (see paragraphs 13 and 14)

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), s.708(10)

Australian Securities and Investments Commission v Elm Financial Services Pty Ltd & Ors [2005] NSWSC 1020 CASES CITED : Australian Securities and Investments Commission v Elm Financial Services Pty Ltd & Ors [2005] NSWSC 1033

Australian Securities and Investments Commission - Plaintif PARTIES : Dennis Howell Terracini - Eighth Defendant Duncan Grant McCartney - Tenth Defendant

FILE NUMBER(S) : SC 2313/04

Mr D.R. Stack - Plaintiff COUNSEL : Mr T.W. McGuffin, Solicitor - Eighth Defendant Mr S.P. Blim - Tenth Defendant

Mr Kim Turner, Solicitor for Australian Securities and Investments Commission - Plaintiff SOLICITORS : Swaab Attorneys - Eighth Defendant Simmons & McCartney - Tenth Defendant

LOWER COURT JURISDICTION :

IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION CORPORATIONS LIST