ASIC commences proceedings against Westpac, page-128

I'll bite.

All it does is outline the statutory elements found, for example, in Sections 180(2) and 181(1) and 182(1) Corps Act. Nothing more than that. ASIC still bear the burden of proof. That has to be discharged and there are defences available. I'm not seeing what the big deal is. It's ASIC's fundamental cause of action against Karantzis. If they don't plead it, then if you're acting for Karantzis, you'd seek to have the SOC as against him struck out. If I'm hit by a speeding car, I can plead all the background facts I like but if I don't plead an action in negligence (and particularize it), I'm going to lose. Further, I still have to make good on the background facts as do ASIC. ASIC have evidentiary hurdles in their case against ISX, just as ISX have in their case against ASX. No different.