Australian Securities and Investments Commission v John Barrie Loiterton & Ors [2004] NSWSC 897

Reported Decision : 50 ACSR 693

New South Wales Supreme Court

CITATION : Australian Securities and Investments Commission v John Barrie Loiterton & Ors [2004] NSWSC 897 HEARING DATE(S) : 29 April 2004 17 May 2004 JUDGMENT DATE : 30 September 2004 JURISDICTION: Equity Division JUDGMENT OF : Bergin J DECISION : See paragraphs [122] - [129]

CATCHWORDS : [IMPOSITION OF PENALTIES] - Whether consequent upon declarations of contravention of the Corporations Act the defendants should be prohibited from managing a corporation for a period - whether pecuniary penalties should be imposed. - [COMPENSATION] - Whether compensation should be awarded for loss and damage to the corporation resulting from the contravening conduct. Bankruptcy Act 1966 (Cth) LEGISLATION CITED : Corporations Act 2001 Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 Adler & Anor v ASIC; Williams v ASIC (2003) 46 ACSR 504 ASIC v Forem-Freeway Enterprises Pty Ltd & Ors (1999) 30 ACSR 339 ASIC v Loiterton & Ors [2004] NSWSC 172 ASIC v Rich (No.3) 2003 45 ACSR 305 CASES CITED : Re British Gold Fields of West Africa Ltd [1899] 2 Ch 7. Re Hedge: ex parte Goddard & Anor (1994) 50 FCR 421 Re HIH Insurance Ltd (in prov liq): ASIC v Adler (2002) 42 ACSR 80 Rich & Anor v ASIC [2004] HCA 42 Rich & Anor v ASIC (2003) ACSR 6 Segenhoe Ltd v Atkins (1990) 1 ACSR 691 Australian Securities and Investments Commission (Plaintiff) John Barrie Loiterton (First Defendant) PARTIES : Ian Robert Hall (Second Defendant) Ian Sapier (Third Defendant) Peter James Loiterton (Fourth Defendant) FILE NUMBER(S) : SC 3724/00 F P Carnovale and D J Price (Plaintiff) John Barrie Loiterton (In Person) COUNSEL : Ian Robert Hall (In Person) R G Forster SC and R J Brender (Third Defendant) Peter James Loiterton (in person) SOLICITORS : Australian Securities and Investments Commission (Plaintiff) Gillis Delaney Brown (Third Defendant)