Australian Securities & Investment Commission In The Matter Of Northwest Resources Limited V Craigside Company Limited BVI Company Number 74124 Named In The Schedule [2013] FCA 201

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This case, Australian Securities & Investment Commission (ASIC) in the matter of Northwest Resources Limited v Craigside Company Limited BVI company number 74124 named in the Schedule [2013] FCA 201 considered when it is appropriate for civil proceedings to be stayed where there is a possibility of criminal prosecution relating to the same subject matter.

ASIC commenced proceedings seeking declarations that the second and third defendants (Defendants) had breached the Corporations Act 2001 (Cth). The Defendants sought orders to stay the proceedings until ASIC determined whether or not it would prosecute them criminally for the breach. ASIC acknowledged that future criminal proceedings were a possibility.

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Topics:  Australian Securities and Investments Commission, BVI Business Companies, Criminal Prosecution

Published In: Business Organization Updates, Civil Procedure Updates, General Business Updates, Criminal Law Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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