ASIC V Edwards [2006] NSWSC 263

Reported Decision : 57 ACSR 147

New South Wales Supreme Court

CITATION : ASIC V Edwards [2006] NSWSC 263

HEARING DATE(S) : 06/04/06

JUDGMENT DATE : 6 April 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

EX TEMPORE JUDGMENT DATE : 04/06/2006

DECISION : Stay of proceedings refused

CATCHWORDS : PROCEDURE - stay of proceedings - where liability determined and hearing to take place on penalty - where High Court has heard appeal involving a question that could affect liability in this case - where the decision on liability proceeded on basis of law on that matter as stated by two intermediate appellate courts - where the issue had been discussed by the parties' representatives before the hearing on liability but no question of stay had then been raised - where appeal in any event initiated on question of liability - whether hearing on penalty should be stayed - CORPORATIONS - transition from Corporations Law to Corporations Act

LEGISLATION CITED : Corporations Act 2001 (Cth), Part 9.4B

Australian Securities and Investments Commission v Edwards (2005) 220 ALR 148 CASES CITED : Australian Securities and Investments Commission v Forge [2005] HCA Trans 313; [2005] HCA Trans 383; [2006] HCA Trans 22 and 25 Kennedy v Australian Securities and Investments Commission (2005) 52 ACSR 301 R v Frawley (2005) 52 ACSR 461

PARTIES : Australian Securities and Investments Commission - Plaintiff Malcolm Leslie Edwards - Defendant

FILE NUMBER(S) : SC 5254/03

COUNSEL : Mr A.J. McInerney - Plaintiff Mr D. Gasic - Defendant