Ariel v Australian Securities and Investments Commission & Anor [2006] QSC 404

State Reporting Bureau jsccQ QSC 40\ Queensland Government Department of justice and Attorney-General a Transcript of Proceedings Copyright in this transcript is vested in the Crown. Copies thereof must not be made or sold without the written authority of the Director, State Reporting Bureau. SUPREME COURT OF QUEENSLAND CIVIL JURISDICTION JONES J REVISED COPIES ISSUED State Reporting Bureau Date: 24 October, 2006 Application No 378 of 2006 FREDERICK GRAEME ARIEL Applicant and AUSTRALIAN SECURITIES & INVESTMENTS First Respondent COMMISSION and JENNIFER ANN HUNTER Second Respondent CAIRNS ..DATE 20/10/2006 JUDGMENT WARNING: The publication of information or details likely to lead to the identification of persons in some proceedings is a criminal offence. This is so particularly in relation to the identification of children who are involved in criminal proceedings or proceedings for their protection under the Child Protection Act 1999, and complainants in criminal sexual offences, but is not limited to those categories. You may wish to seek legal advice before giving others access to the details of any person named in these proceedings. 1 4th Floor, The Law Courts, George Street, Brisbane, Q. 4000 Telephone: (07) 3247 4360 Fax: (07) 3247 5532 -- 1 of 3 -- 20102006 D.1 T4/KLW ( CNS ) M/T CNS1/2006 (Jones J) HIS HONOUR: I will give some brief reasons. This is an application by Mr Ariel, a former director of Kobblestone Park Pty Ltd, which was deregistered on the 26th of June 2005 by an administrative process, by ASIC. It was deregistered because the company had failed to file annual returns for the years 2003 and 2004. The company is at the apex of the Raging Thunder group of companies which comprises some nine other corporate entities. At the time of the deregistration Mr Ariel was the sole director of the company, although the company records show that there was another director, namely, his former wife. Her directorship effectively ceased in the year 2000, when pursuant to a property settlement in the Family Court her directorship was ceased, and her shareholding in the company was transferred to the applicant. I am satisfied on the material presented to me that the company was, at the time of deregistration, solvent and it would resume its position as a solvent company once reregistered . The failure to lodge the returns and other documents was simply an oversight on the part of those controlling the company, and that situation apparently has been accepted by ASIC, which in its letter dated 19th of October 2006 has indicated he does not oppose the re-registration of the company . 1 10 20 30 40 50 2 JUDGMENT 60 -- 2 of 3 -- 20102006 D.l T4/KLW(CNS) M/T CNS1/2006 (Jones J) Between the date of deregistration, the 26th of June 2005, the 1 company has continued to engage in activities under that name. The applicant seeks an order validating those transactions which are set out in paragraph 24 of his affidavit. It is appropriate in all the circumstances, particularly given the 0 continuing solvent status of the company that those actions be validated . In those circumstances I will make orders in terms of the draft, initialled by me and placed with the papers. 40 50 3 JUDGMENT 60 -- 3 of 3 --