Lewski v Australian Securities & Investments Commission

In Lewski v Australian Securities & Investments Commission, the Full Court of the Federal Court of Australia dealt with an appeal regarding the decision of the trial judge in relation to certain declarations made against Australian Property Custodian Holdings Limited (APCHL) and its directors. The original appeal by the directors was allowed, but the question arose as to the effect of this on the outstanding declarations against APCHL. The court considered whether it should set aside the declarations against APCHL or if they should remain in place. APCHL, which had been joined as a party to the appeal, argued that certain declarations should not be set aside. The Australian Securities and Investments Commission (ASIC) sought to have the court reconsider its earlier conclusions and reopen the appeal.

The court found that there was no error in its earlier conclusions and that there was no need to revisit the appeal. The Full Court held that the appeal would be allowed, and the orders and declarations made by the trial judge were set aside. The directors were ordered to pay the costs of the appellant, while APCHL was ordered to pay the costs of the appellant in relation to the dispute as to the form of orders. The court also ordered that APCHL be joined as the second respondent to the appeal. The decision reaffirmed the importance of statutory duties and the administration of managed investment schemes according to the existing constitution.