Corporate & Commercial Fortnightly Update – 6 December 2013

December, 2013

In the media

Artorios Ink director and manager to pay $100,000 for ink cartridge scams

The Federal Court has ordered a director and manager to pay a penalty of $50,000 each after they admitted to being knowingly concerned in contraventions of the Australian Consumer Law. The Court also made declarations by consent, and accepted undertakings they would not manage or be a director of a corporation for five years (03 December 2013)

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ATO targets companies as $1.8b in revenue looms

An estimated $1.8 billion in tax revenue could be up for grabs from multinationals in the resources, energy and technology sectors, as the Tax Office and business gear up for a fight on the way cross-border transactions are assessed (02 December 2013)

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ACCC addressing market failure

Address market failure and competition will unleash the incentives to win by best meeting the needs of consumers, ACCC Chairman Rod Sims said today. Privatisation and congestion pricing, for example, are also measures that can greatly improve incentives (29 November 2013)

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Mortgage Choice cops fine for false advertising

Mortgage broking house Mortgage Choice has paid more than $30,000 in fines over false advertising. ASIC has issued three separate infringement notices to Mortgage Choice — one for representations made in the television advertisements and two for claims made on the websites — each carrying a penalty of $10,200 (28 November 2013)

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We must invest more in innovation: AVCAL

AVCAL has lodged a submission to the National Commission of Audit. The submission urges the commissioners to maintain support for the Innovation Investment Fund (IIF) programme and the implementation of the 2013 McKeon Review recommendation for the establishment of a Translational Biotech Fund (TBF) (28 November 2013)

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Cyber cover takes off as privacy crackdown looms

AIG and the University of Canberra’s Centre for Internet Safety are releasing a white paper that estimates 65% of sensitive or confidential information held by SMEs is not encrypted or safeguarded by cyber cover.  The new Privacy Act will carry data-breach fines of $1.7 million for companies or $340,000 for individuals (25 November 2013)

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Bob Jane Corporation Pty Ltd v ACN 149 801 141 Pty Ltd [2013] FCA 1255

TRADE MARKS – infringement of registered trade marks – injunctions – whether respondents’ marks were substantially identical with or deceptively similar to the applicant’s trade marks – defence of use in good faith.

TRADE PRACTICES – misleading and deceptive conduct – passing off – declarations – representations of discount made – use of similar domain names – whether director of a company liable as a joint tortfeasor – whether “person involved” – tyre franchises

PRACTICE AND PROCEDURE – leave to change names of respondents – leave to proceed against the third respondent.

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In the matter of Courtesy Real Estate (NSW) Pty Limited [2013] NSWSC 1666

CORPORATIONS – oppression – seriously arguable case that removal of director was in breach of shareholders agreement – whether balance of convenience favours interlocutory order for reappointment of director – where applicant had not been a director for several months before interlocutory relief seeking his reappointment was sought – availability of other orders to protect applicant’s interests.

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MIS Funding No 1 Pty Ltd v Buckley [2013] VSC 607

CORPORATIONS – unregistered managed investment scheme – no prospectus – information memorandum offering investment only to limited classes of investors – representations made by investor – funds loaned to invest in scheme – whether defendant a “professional investor” – meaning of “control” – Corporations Act 2001 (Cth), ss 9, 708(11) (as enacted in the Financial Services Reform Act 2001 (Cth)).

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