State of Western Australia v Australian Securities and Investment Commission

The State of Western Australia, as the applicant, sought the reinstatement of Inspire Acacia's registration following its deregistration by the Australian Securities and Investment Commission (ASIC). The State argued that it had a deemed right of subrogation in Inspire Acacia's name due to a payment made to the company from the Fidelity Guarantee Account under the Settlement Agents Act 1981 (WA). The State intended to commence legal proceedings against KDD Conveyancing Services Pty Ltd and its director, Ms Kylie Dianne Dillon, for alleged defalcations, and needed Inspire Acacia's registration to be reinstated to proceed with the claim before the relevant limitation period expired. The central legal issues were whether the State was a 'person aggrieved' by the deregistration and whether it was just for the company to be reinstated.

The court held that the State was indeed a 'person aggrieved' by the deregistration, as it had acquired a statutory deemed right of subrogation, rendering its subrogated rights obsolete due to the deregistration. The court also found it was just for the company to be reinstated given the circumstances. The application was considered straightforward, and procedural fairness was ensured by notifying the former directors and other relevant parties of the application and hearing date. Consequently, the court ordered that ASIC reinstate Inspire Acacia's registration by no later than 12 June 2020, and mandated that copies of the court's final orders be sent to the former directors and lodged with ASIC.

The final orders required ASIC to reinstate the registration of Inspire Acacia by a specified date, mandated the delivery of authenticated final orders to the former directors, and made no order as to costs. These orders aimed to address the urgency of the matter due to the impending limitation period for the State's claim against KDD and Ms Dillon.