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Asic loses court fight against 'book-up' credit scheme in Indigenous community

Asic loses court fight against 'book-up' credit scheme in Indigenous community

The corporate regulator will push for reform to better protect remote Indigenous communities against predatory and exploitative businesses after losing a high court battle against what it alleged was an illegal “book-up” credit scheme operating in South Australia . The high court on Wednesday found against the Australian Securities and Investments

Remote store owner wins High Court case

Remote store owner wins High Court case

Over a two-year period between 2010 and 2012, Lindsay Kobelt, the owner of a general store at Mintabie, used a "book-up" system to withdraw almost $1 million from the accounts of 85 customers who had been offered loans to buy second-hand cars. In a decision handed down in 2017, a Federal Court judge found the scheme breached credit laws, fined Mr Kobelt