Australian Securities and Investments Commission v CME Capital Australia Pty Ltd, in the matter of CME Capital Australia Pty Ltd (No 3)

The Australian Securities and Investments Commission (ASIC) brought an application for asset and travel restraint orders against various defendants in connection with its investigation into certain companies. ASIC sought to restrain the defendants from removing or disposing of property and from leaving Australia without the court's consent. The case was heard in the Federal Court of Australia, which had to decide whether to grant the orders ASIC sought.

The court had to determine whether the orders ASIC sought were justified under the Corporations Act 2001 (Cth). ASIC argued that the orders were necessary to prevent the dissipation of assets and to ensure the defendants did not leave Australia while the investigation was ongoing. The defendants argued that the orders were excessive and would cause them undue hardship. The court considered the nature and scope of ASIC's investigation, the likelihood of dissipation of assets, and the need to balance the rights of the defendants with the public interest in enforcing the law.

The court found that ASIC had made out a prima facie case for the orders. It concluded that the orders were necessary to prevent the dissipation of assets and to ensure that the defendants remained available to answer any questions the court might have. The court also found that the orders were proportionate to the need to achieve those objectives. The court made the orders ASIC sought, subject to certain conditions and exceptions.

The court made orders restraining the defendants from removing or disposing of property and from leaving Australia without the court's consent. The orders were made for a specified period and applied to certain defendants and certain property. The court also made a notification order requiring ASIC to notify certain authorities and entities of the orders. The court reserved the costs of the application and granted the parties liberty to apply to vary or discharge the orders.