ASIC v Great Northern Developments Pty Ltd [2010] NSWSC 1087

Reported Decision : 79 ACSR 684 242 FLR 444

New South Wales Supreme Court

CITATION : ASIC v Great Northern Developments Pty Ltd [2010] NSWSC 1087

HEARING DATE(S) : 20, 21, 22 and 23 April 2010

JUDGMENT DATE : 23 September 2010

JURISDICTION : Equity

JUDGMENT OF : White J

1. Order that the claims for relief in paragraphs 1, 2, 3, 4, 5 and 8 of the originating process be dismissed. 2. Declare that the defendant has contravened s s283AA of the Corporations Act 2001 (Cth) by not entering into a trust deed that complies with s 283AB and appointing a trustee in compliance with s 283AC before making offers of debentures that needed disclosure under Chapter 6D. 3. Declare that between 14 June 2007 and 8 October 2008 the defendant contravened s 727 of the Corporations Act by making offers of securities that needed disclosure to investors under Part 6D.2 without having lodged with the plaintiff a disclosure document for the offers. DECISION : 4. Order that the claims for relief in paragraphs 6 and 7 of the originating process be otherwise dismissed. 5. Note the undertaking of the defendant by its counsel to the court that within a reasonable time it will enter into a trust deed that complies with s 283AB of the Corporations Act and appoint a trustee in compliance with s 283AC of that Act. 6. Order that the application for the relief in paragraphs 9 and 10 of the originating process be stood over to a date to be fixed. 7. Order that within 7 days prior to the date to be fixed in accordance with order 6 the defendant file and serve on the plaintiff an affidavit or affidavits as to its compliance with the undertaking noted above. 8. The exhibits may be returned after 28 days.