Recent Cases

Spicer Thoroughbreds Pty Ltd v Stewart [2023] NSWCA 82 (02 May 2023) (Leeming and Mitchelmore JJA, Griffiths AJA)


CORPORATIONS – managed investment scheme – thoroughbred horse investment schemes – whether schemes were managed investment schemes for purposes of s 9 of Corporations Act 2001 (Cth) – whether contravention of s 601ED by operating unregistered scheme – whether exemptions under s 1012E established – where primary judge made qualified factual findings as to extent of appellant’s involvement, limited to sale of interests in horses for purpose of racing competitively – where no notice of contention – scheme as found by primary judge not a managed investment scheme – other challenges dismissed