Substitution of defendants - Get it right or pay the price

In Clements & Anor v McGregor & Ors [2016] QSC 258, Justice Martin of the Supreme Court of Queensland allowed the substitution of a defendant in the proceedings, but ordered the applicant plaintiffs to pay the costs of the application.

HOLMAN MCGREGOR FINANCIAL SERVICES PTY LTD INCORRECTLY IDENTIFIED AS SECOND DEFENDANT

The plaintiffs had commenced proceedings against the defendants claiming damages for negligence, breach of contract and breach of various provisions of the Australian Securities Investment Commission Act 2001 and the Corporations Act 2001.

Robert McGregor, the first defendant, was the applicants' former financial planner. McGregor was also an authorised representative of the third defendant, Professional Investment Services Pty Ltd, an Australian Financial Services licensee.