The Body Corporate for Cairns Village Resort Community Titles Scheme 18161 v F N Managements Pty Ltd; Warren John Altman v F N Management Pty Ltd

The Body Corporate for Cairns Village Resort Community Titles Scheme 18161 and Warren John Altman, two members of the scheme, brought proceedings against F N Managements Pty Ltd, the manager of the scheme, for operating an unregistered managed investment scheme. The dispute was heard by the Supreme Court of Queensland, which was required to determine whether the scheme was required to be registered under section 601ED(5) of the Corporations Act 2001 and whether the scheme was unlawful because it was unregistered. The court was also required to determine whether it had jurisdiction to order declaratory relief under the same section of the Act.

The court found that the scheme was a managed investment scheme and was therefore required to be registered under section 601ED(5) of the Corporations Act 2001. The court held that the scheme was unlawful because it was unregistered and that the respondent had been operating it in this way since May 2001. The court found that it had jurisdiction to order declaratory relief under the same section of the Act and that the scheme was unlawful because it was unregistered. The court found that the scheme was a managed investment scheme within the meaning of the Act and that it was therefore required to be registered.

The Supreme Court of Queensland declared that the respondent had, since May 2001 to the present, been operating an unregistered managed investment scheme contrary to law. The court found that it had jurisdiction to order declaratory relief under section 601ED(5) of the Corporations Act 2001 and that the scheme was unlawful because it was unregistered. The court found that the scheme was a managed investment scheme within the meaning of the Act and that it was therefore required to be registered.