ASIC v Oliver Banovec (No. 2) [2007] NSWSC 961

Reported Decision : (2007) 25 ACLC 1,205

New South Wales Supreme Court

CITATION : ASIC v Oliver Banovec (No. 2) [2007] NSWSC 961

HEARING DATE(S) : 23 May 2007

JUDGMENT DATE : 31 August 2007

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : White J

DECISION : See para 42 of judgment.

CATCHWORDS : CORPORATIONS – ASIC investigations – Asset preservation orders under s 1323 of the Corporations Act 2001 (Cth) – Jurisdictional basis for making orders – Held that Court has inherent jurisdiction, or jurisdiction under s 23 of the Supreme Court Act 1970 (NSW), to make an asset preservation order where power to appoint receiver under s 1323(1)(h) of the Corporations Act 2001 (Cth) is engaged. - CORPORATIONS – ASIC investigations – Orders prohibiting person from leaving Australia. - (Cth) Corporations Act 2001 s 1323 - (NSW) Supreme Court Act 1970 ss 23 and 66(4)

Corporations Act 2001 (Cth) Supreme Court Act 1970 (NSW) LEGISLATION CITED : Federal Court of Australia Act 1976 (Cth) Companies Act 1981 (Cth) Securities Industry Act 1980 (Cth)

Australian Securities & Investments Commission v Oliver Banovec [2007] NSWSC 610 Corporate Affairs Commission v Smithson [1984] 3 NSWLR 547 Corporate Affairs Commission (NSW) v Lombard Nash International Pty Ltd & Ors (No. 3) (1987) 12 ACLR 113 Corporate Affairs Commission v Walker (1987) 11 ACLR 884 Corporate Affairs Commission v Lone Star Exploration NL (1988) 50 SASR 24 Corporate Affairs Commission of NSW v Transphere Pty Ltd (1988) 15 NSWLR 596 Australian Securities Commission v AS Nominees Ltd (1995) 62 FCR 504 Knight v FP Special Assets Ltd (1992) 174 CLR 178 PMT Partners Pty Ltd (in liq) v Australian National Parks and Wildlife Service (1995) 184 CLR 301 Australian Gas Light Company v Mine Subsidence Board (2006) 147 LGERA 433 FAR Bennion, Statutory Interpretation, 4th ed (2002) London, Butterworths Beach Petroleum NL v Johnson (1992) 9 ACSR 404 Australian Securities and Investments Commission v Burke [2000] NSWSC 694 Australian Securities and Investments Commission v Adler (2001) 38 ACSR 266 Australian Securities and Investments Commission v Rajnoch [2003] QSC 46 Australian Securities and Investments Commission v Michalik (2004) 211 ALR 285 CASES CITED : Australian Securities and Investments Commission v Burnard [2006] NSWSC 611 Australian Securities and Investments Commission v Carey (2006) 57 ACSR 307 Australian Securities and Investments Commission v Carey (No. 14) (2007) 158 FCR 92; 25 ACLC 184 Jackson v Sterling Industries Ltd (1987) 162 CLR 612 ASIC v Eric Krecichwost & Ors [2007] NSWSC ... Re Sterling; Ex parte Esanda Ltd (1980) 44 FLR 125 Dunkel v Deputy Commissioner of Taxation (1990) 27 FCR 524 Johns v Connor (1992) 35 FCR 1 Attorney-General v Great Eastern Railway Co (1880) 5 AC 473 In re Northern Ireland Human Rights Commission [2002] HRLR 35; [2002] UKHL 25 Wentworth Securities Ltd v Jones [1980] AC 74 Bermingham v Corrective Services Commission of New South Wales (1988) 15 NSWLR 292 Tokyo Mart Pty Ltd v Campbell (1988) 15 NSWLR 275 Newcastle City Council v GIO General Ltd (1997) 191 CLR 85 R v Young (1999) 46 NSWLR 681 Nippon Yusen Kaisha v Karageorgis [1975] 1 WLR 1093; (1975) 3 All ER 282 Mareva Compania Naviera SA v International Bulk Carriers SA [1975] 2 Lloyd's Rep 509 Meagher, Gummow & Lehane, Equity: Doctrines and Remedies, 2nd ed (1985) Sydney, Butterworths