Australian Securities & Investments Commission v Oliver Banovec [2007] NSWSC 610

New South Wales Supreme Court

CITATION : Australian Securities & Investments Commission v Oliver Banovec [2007] NSWSC 610

HEARING DATE(S) : 14/05/07

JUDGMENT DATE : 16 May 2007

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : White J

EX TEMPORE JUDGMENT DATE : 16 May 2007

DECISION : See paragraphs 37-39 of judgment.

CATCHWORDS : CORPORATIONS – Investigation by ASIC – Application for orders under s 1323 of the Corporations Act 2001 (Cth) – Application for freezing orders in relation to property – Application for order restraining defendant from leaving Australia – Court's task in determining application an exercise in risk assessment and risk management – Court satisfied that there are persons to whom defendant is or may be or may become liable to make monetary compensation – No requirement that plaintiff demonstrate that there is a prima facie case that defendant liable to compensate such persons – Held that orders under s 1323 necessary or desirable to protect interests of such persons – Ambit of court's power to make orders under s 1323 – Orders made limited to those clearly justified by s 1323. - (Cth) Corporations Act 2001, s 1323

LEGISLATION CITED : Corporations Act 2001 (Cth) Australian Securities and Investments Commission Act 2001 (Cth)

CASES CITED : Australian Securities and Investments Commission v Carey (2006) 57 ACSR 307 ASIC v Adler (2001) 38 ACSR 266

Australian Securities & Investments Commission PARTIES : v Oliver Banovec

FILE NUMBER(S) : SC 1488/07

COUNSEL : Plaintiff: D R Stack Defendant: M Luitingh