The ACCC will not oppose the proposed acquisition of The Trust Company Limited by Perpetual Limited. In reaching this position, and has accepted a court enforceable undertaking from Perpetual to divest The Trust Company’s existing ownership of a 13.4 per cent shareholding in competitor Equity Trustees Limited (19 September 2013)
In a spring cleaning move by the ASX, companies which have been suspended from trading for more than three years could be automatically delisted. The proposed cut-off date is an initiative designed to stop shareholders and businesses being “left in limbo” (13 September 2013)
The Corporations and Markets Advisory Committee (CAMAC) has released a discussion paper Crowd sourced equity funding. The CAMAC discussion paper contains options for reform in relation to crowd sourced equity funding (CSEF) in Australia. CAMAC invites written submissions on any aspect of this review by Friday 29 November 2013. It will also conduct Roundtable consultation with respondents.
TRADE AND COMMERCE – consumer protection – misleading or deceptive conduct – recommendation by financial adviser of investments in agricultural managed investment schemes – implicit representations by financial adviser that investments were suitable for the investor’s personal circumstances – investments obviously not suitable for particular investor – reliance by investor upon advice – schemes ultimately failed – reliance upon advice causative of loss
Civil Procedure Act 2005 (NSW); Competition and Consumer Act 2010 (Cth); Corporations Act 2001 (Cth)
CORPORATIONS – Statutory derivative action – Application for leave under Corporations Act 2001 (Cth) ss 236, 237 by member of deadlocked company to bring proceedings on behalf of the company against other member and director – Whether the five criterion in s 237(2) are established – Whether leave may be granted nunc pro tunc – Leave granted.
PRACTICE AND PROCEDURE – Discovery – Order for defendant co-director and public officer of company to authorise release of financial information by the Australian Taxation Office – s 55 Civil Procedure Act 2010 – Application granted.
PRACTICE AND PROCEDURE – Application to join third party – Whether cause of action disclosed – No cause of action disclosed – Leave refused.
PRACTICE AND PROCEDURE – Application by sole director and shareholder of company to appear and represent the company before the court generally– Leave given from time in interlocutory applications – Rules and practice applicable – Whether appropriate to grant leave generally – Leave refused.
FRAUD – Whether documents fraudulently concocted and backdated with a view to prejudicing bankrupt’s creditors – Evidence Act 2008 (Vic) s 140 – Nom v Director of Public Prosecutions & Ors  VSCA 198, - – Neat Holdings Pty Ltd v Karajan Holdings Pty Ltd  HCA 66; (1992) 110 ALR 449, 449-50.