ASIC v Edwards [2006] NSWSC 376

Reported Decision : 57 ACSR 209

New South Wales Supreme Court

CITATION : ASIC v Edwards [2006] NSWSC 376

HEARING DATE(S) : 06/04/06

JUDGMENT DATE : 5 May 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Disqualification from managing corporations for ten years

CATCHWORDS : CORPORATIONS - civil penalty proceedings - director allowing insolvent trading - declarations of contravention previously made - whether exoneration order should be made - meaning of "honestly" and "ought fairly to be excused"- whether disqualification order should be made - relevant considerations discussed

LEGISLATION CITED : Corporations Act 2001 (Cth), ss.206C(1), 206G, 1317E(1), 1317S, 1318 Crimes (Sentencing Procedure) Act 1999, s.10

Australian Securities and Investments Commission v Edwards (2005) 220 ALR 148 Australian Securities Commission v Forem-Freeway Enterprises Pty Ltd (1999) 30 ACSR 339 Australian Securities and Investments Commission v Vines (2005) 56 ACSR 528 Commonwealth Bank of Australia v Friedrich (1991) 5 ACSR 115 Corporate Affairs Commission v Papoulias (1990) 20 NSWLR 503 CASES CITED : Elliott v Australian Securities and Investments Commission (2004) 10 VR 369 Maelor Jones Investments (Noarlunga) Pty Ltd v Heywood-Smith (1989) 54 SASR 285 Re HIH Insurance Ltd; Australian Securities and Investments Commission v Adler (2002) 42 ACSR 80 Rich v Australian Securities and Investments Commission (2004) 220 CLR 129 R J Elrington Nominees Pty Ltd v Corporate Affairs Commission (SA) (1989) 1 ACSR 93 Swiss Bank Corporation v State Bank of New South Wales (unreported, NSWSC, 9 December 1992)