Stewart Webster KC (with P Donovan) and Tim Elliss represented the defendants, instructed by JF Legal.
In this case, the Australia Securities and Investments Commission (ASIC) sought declarations of contravention, injunctive relief, a disqualification order and publication orders in respect of three separate arrangements against the defendants. The relief sought by ASIC concerned two categories of the defendant’s conduct; financial services contraventions, and misleading or deceptive conduct.
The Court found that by its conduct pursuant to the arrangements, Macrolend Pty Ltd carried on a financial services business, as defined by s 761A of the Corporations Act 2001 (Cth). It was therefore appropriate to make the declarations sought in respect of these arrangements. In addition, the Court held that Macrolend Pty Ltd and Mr Hodgson engaged in conduct that was misleading or deceptive or likely to mislead or deceive in contravention of s 1041H of the Corporations Act 2001 (Cth) and s 12DA of the Australian Securities and Investments Commission Act 2001 (Cth).
The judgment can be read by clicking here
