Australian Securities and Investments Commission v ActiveSuper Pty Ltd (in liq)

The case of Australian Securities and Investments Commission v ActiveSuper Pty Ltd (in liq) involved the Australian Securities and Investments Commission (ASIC) bringing proceedings against ActiveSuper, a superannuation fund administration company, and several associated individuals for various alleged contraventions of the Corporations Act 2001 (Cth). The primary issues revolved around the offering of securities in a non-existent company, failure to provide necessary disclosure documents, unlicensed provision of financial services, and misleading or deceptive conduct concerning the use of invested funds in British Virgin Islands companies. The case also explored the legal principles of accessorial liability and the admissibility of certain evidence in court proceedings.

The central legal issues in the case included determining whether the defendants contravened specific sections of the Corporations Act, such as sections 726, 727, and 911A, by offering securities in non-existent companies and failing to provide required disclosure documents. Another significant issue was whether the defendants could be held liable as accessories to the primary contraventions if they were knowingly concerned in the activities that led to the contraventions. Additionally, the case examined the admissibility of transcripts of examinations conducted under the ASIC Act and whether the privilege against self-incrimination applied to proceedings for injunctions under the Corporations Act.

The court found that the defendants had indeed contravened the Corporations Act by offering securities in a non-existent company and failing to provide necessary disclosure documents. The court also determined that the defendants could be held as accessories to the contraventions if they were knowingly involved in the activities that led to the contraventions. Furthermore, the court ruled that transcripts of examinations conducted under the ASIC Act could be admitted as evidence, provided they met certain conditions. The court also found that the privilege against self-incrimination did not apply to proceedings for injunctions under the Corporations Act.

The court's final orders included requiring ASIC to file and serve minutes of the orders to be made, along with a short outline of their submissions on the period of the injunctions and the question of costs. Any party intending to contest the appropriateness of the orders was also required to file and serve their proposed minutes and a short outline of their submissions. The matter was adjourned for further submissions on the form of the orders, costs, and other necessary matters.