United Global Capital Pty Ltd and Australian Securities & Investments Commission

The Administrative Appeals Tribunal considered an application by United Global Capital Pty Ltd (the applicant) to revoke interim orders that had restrained the Australian Securities and Investments Commission (ASIC) from publishing information concerning a banning order and the cancellation of the applicant's Australian Financial Services Licence. The interim orders were initially made under section 41 of the *Administrative Appeals Tribunal Act 1975* (Cth).

The primary legal issue before the Tribunal was whether the statutory threshold for the grant of the interim orders remained met, particularly in light of the subsequent appointment of an administrator for the applicant. The Tribunal was required to determine whether continued interference with ASIC's statutory objectives was appropriate in the prevailing circumstances.

In its reasoning, the Tribunal found that the specific interim order in question, Order No. 2, had lost its utility due to the changed circumstances, specifically the appointment of an administrator. The Deputy President noted that the revocation of this particular order did not preclude the applicant from pursuing its broader stay application. The decision to revoke was based solely on the lack of current utility of the order granted.

Consequently, the Tribunal ordered the revocation of Order No. 2 of the orders made on 21 June 2024.