Endless Solar Corporation Limited v Australian Securities and Investments Commission, in the matter of Speedpanel Australia Ltd (No 2)

The case involves Endless Solar Corporation Limited and the Australian Securities and Investments Commission, with Speedpanel Australia Ltd as a subject of the dispute. The matter before the court was an application by Mr Scheuer to review an order made by a Judicial Registrar, who had reinstated the registration of Speedpanel Australia Ltd (SPA) under section 601AH(2) of the Corporations Act 2001 (Cth). The application was brought to challenge the reinstatement, which Endless Solar, a former shareholder of SPA, sought to enable it to pursue proceedings against and on behalf of the company. The legal issues at the core of this case were whether Endless Solar qualified as a "person aggrieved" by the deregistration of SPA for the purpose of section 601AH(2)(a) and whether the Court was satisfied that it was just to reinstate SPA's registration under section 601AH(2)(b). The court considered several factors, including the merits of the proposed claims, the utility of the proceedings, the funding available for the claims, and the delay in seeking to advance those claims. The court found that Endless Solar was a person aggrieved by the deregistration, as it had an arguable claim against SPA, which was based on the claims against Mr Scheuer. The court also found that it was just to reinstate SPA's registration. Therefore, the application for review was dismissed, and the reinstatement order made by the Judicial Registrar was upheld. The court ordered that each party and interested party bear their own costs of the proceeding to date. Any party or interested party may apply to vary the costs order within a specified timeframe. The proceeding was listed for further case management.