A reminder of what the High Court is NOT being asked to make a...

A reminder of what the High Court is NOT being asked to make a judgement on.

Mr Gleeson for ASIC:

[ASIC] does not seek relief aimed at unwinding the initial transaction . . . Nor does it seek to unwind the in specie distribution . . . nor any transaction carried out on the faith of [it].

The individuals remain today as far as we know on the register of ARL and whether they are members is not a question before the Court today but will depend upon whether, as of the date it might be litigated, there is a relevant agreement between them and ARL to become members, and it may be with the passage of time, if persons have not objected, they may be facing an argument of agreement by acquiescence, but that is not before the Court and would not be affected by the Court upholding those orders.

Yes, and as to whether any transferee is a member today, one would go back to section 231 today and ask the question, are you on the register? Presumably, yes. Have you reached an agreement to be on the register? That will depend upon the facts relevant to the person. Any person who has taken no step to get off the register would face a very difficult challenge in an acquiescence action.