ASIC in the matter of Northwest Resources Ltd v Craigside Company Ltd
This case, Australian Securities & Investment Commission (ASIC) in the matter of Northwest Resources Ltd v Craigside Company Ltd BVI company number 74124 named in the Schedule  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 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.
The defendants argued it would be an abuse of process for the civil proceedings to continue given the possible future prosecution for the same or related conduct…
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