ASIC v Christopher John Mapstone [2006] NSWSC 993

Reported Decision : 59 ACSR 214 (2006) 24 ACLC 1246

New South Wales Supreme Court

CITATION : ASIC v Christopher John Mapstone [2006] NSWSC 993

HEARING DATE(S) : 04/09/06, 13/09/06

JUDGMENT DATE : 14 September 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : White J

EX TEMPORE JUDGMENT DATE : 09/14/2006

DECISION : Order that the interlocutory process filed on 21 July 2006 be dismissed with costs.

CATCHWORDS : CORPORATIONS – Injunctions – Plaintiff alleges contraventions by defendant of ss 180(1), 181(1) and 182(1) Corporations Act 2001 (Cth) – Plaintiff seeks orders pursuant to ss 206C and/or 206E Corporations Act disqualifying defendant from managing corporations – Where serious question to be tried that defendant breached Corporations Act – Where serious question to be tried that defendant liable to be disqualified from managing corporations – Whether Court has power to grant interim injunction pursuant to s 1324 Corporations Act restraining defendant from managing corporations until final determination of proceedings – Where no serious question to be tried that plaintiff could obtain injunction on final basis – Held that Court has no power to grant interim injunction in circumstances of case – Balance of convenience considered in any event – Delay by plaintiff, absence of threat by defendant to public interest and absence of undertaking as to damages from plaintiff – Interim injunctive relief refused.

LEGISLATION CITED : Corporations Act 2001 (Cth) Trade Practices Act 1974 (Cth)

National Roads and Motorists Association v Parker [1986] 6 NSWLR 517 Australian Securities and Investments Commission v Australian Investors Forum (No 2) (2005) 23 ACLC 927 Australian Securities and Investments Commission v Edwards (2004) 51 ACSR 320 Australian Securities and Investments Commission v Sealand Insurers and Brokers Pty Ltd [1999] NSWSC 788 Kerridge v Foley [1968] 1 NSWR 628 CASES CITED : Air Express Limited v Ansett Transport Industries Operations Pty Limited (1981) 146 CLR 249 Corporate Affairs Commission (NSW) v Lombard Nash International Pty Ltd (1986) 11 ACLR 566 J D Heydon & B G Donald, Trade Practices Law: REstrictive Trade Practices, Deceptive Conduct and Consumer Protection, 'Injunctions: Section 80', Law Book Co, Sydney, 1989 Australian Securities and Investments Commission v Mauer-Swisse Securities Limited (2002) 42 ACSR 605 Trade Practices Commission v Gold Coast Property Sales Pty Ltd (1994) 49 ACSR 442 Australian Securities and Investments Commission v Sweeney [2001] NSWSC 114