Centurion Custodian Funds Management Ltd

Centurion Custodian Funds Management Ltd sought a stay of a decision by the Australian Securities and Investments Commission (ASIC) to cancel its Australian Financial Services Licence (AFSL). The AFSL had been cancelled due to dormancy, meaning it had not been used by the applicant. The application for a stay was heard by Deputy President Bernard J McCabe.

The primary legal issue before the court was whether it was desirable to stay the operation or implementation of ASIC's decision to cancel Centurion Custodian Funds Management Ltd's AFSL, having regard to the interests of those affected by the review.

Deputy President McCabe found that there was no reason to doubt that the application for review would be unreasonably delayed. The issues in dispute were considered to be narrow, and a lengthy hearing requiring extensive preparation and delay was unlikely. Consequently, the court determined that the matter should be brought on for hearing at the earliest opportunity.

Ultimately, having regard to the interests of those affected by the review, Deputy President McCabe was not satisfied that it was desirable to stay the operation or implementation of any part of the decision under review, and the application for a stay was refused.