ASIC v Vines [2006] NSWSC 760

Reported Decision : 58 ACSR 298

New South Wales Supreme Court

CITATION : ASIC v Vines [2006] NSWSC 760 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 24, 27 March 2006

JUDGMENT DATE : 2 August 2006

JURISDICTION : Equity

JUDGMENT OF : Austin J

DECISION : See under heading "Conclusions"

CATCHWORDS : CORPORATIONS - statutory duties of executive officers of corporations - contraventions by all defendants of statutory duty of care - contraventions by one defendant of statutory duty of honesty - civil penalty provisions - form of declarations of contraventions - disqualification orders - whether defendants fit and proper persons to manage a corporation - whether contraventions serious - pecuniary penalty orders - compensation order - causation

LEGISLATION CITED : Corporations Law, ss 232(2), 232(4), 1317EA, 1317HA

ACCC v Francis (2004) 142 FCR 1 ASC v Donovan (1998) 28 ACSR 583 ASIC v Loiterton (2004) 50 ACSR 693 ASIC v Rich (2004) 50 ACSR 500 ASIC v Vines [2005] NSWSC 1349 ASIC v Vines [2005] NSWSC 738; (2005) 55 ACSR 617 ASIC v Vizard (2005) 54 ACSR 394 Bishopsgate Insurance Australia Ltd (in liq) v Deloitte Haskins & Sells [1999] 3 VR 863 Eva v Southern Motors Box Hill Pty Ltd (1977) 30 FLR 213 Forge v ASIC (2004) 52 ACSR 1 Forge v ASIC [2004] NSWCA 448; (2004) 52 ACSR 1 CASES CITED : Mill v R (1988) 166 CLR 59 One.Tel Ltd (in liq) v Rich (2005) 190 FLR 443 Plymin v ASIC (2004) 10 VR 369 Postiglione v The Queen (1997) 189 CLR 295 Re HIH Insurance; ASIC v Adler (2002) 42 ACSR 80 Re One.Tel Ltd (in liq); ASIC v Rich (2003) 44 ACSR 682 Re Tasmanian Spastics Association (1997) 23 ACSR 743 Rich v ASIC (2003) 183 FLR 361 Rich v ASIC (2004) 183 FLR 361 Rich v ASIC (2004) 220 CLR 129 Rural Press Ltd v ACCC (2003) 216 CLR 53 Warramunda Village Inc v Pryde (2001) 105 FCR 437