Recent developments in the Federal Court suggest a “plea deal” of some sort between the ASIC and Malouf Group Enterprises Pty Ltd (“MGE”) and Jordan Malouf (“Mr Malouf”).

On 19 February 2018 the parties agreed to vacate the trial dates and instead list it for final orders by consent on 23 April 2018.

We don’t know what orders are being sought yet but there are some clues:
• 21 days prior to hearing Mr Malouf is to file and serve information about the financial position of himself as well as MGE;
• 21 days prior to hearing the ASIC will provide evidence from, among others, credit reporting bodies Equifax and Dun & Bradstreet and also from the ASIC.

This suggests that the court will need to know what the financial position of the defendants is, which is really only going to be of interest to the court if it’s looking to impose a financial penalty.

All will be revealed by 23 April.

 

 

Patrick Earl

Senior Solicitor

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