Canon Australia Pty Ltd, in the matter of Canon Australia Pty Ltd [2023] FCA 281

Canon Australia Pty Ltd, in the matter of Canon Australia Pty Ltd [2023] FCA 281

The plaintiffs and their officers are entitled to be relieved from civil liability under s 1322(4)(c) of the Corporations Act 2001 (Cth) for contraventions of specified financial reporting provisions, as the contraventions resulted from honest inadvertence and no substantial injustice would be caused. Extension of time to complete certain compliance steps is also granted.

Jurisdiction
Australia
Judgment Date
29 March 2023
Procedural Posture
Corporations – Application for Cleansing Orders Under S 1322(4) of the Corporations Act 2001 (cth) / Judgment
Outcome
Relief under s 1322(4) granted; extension of time for compliance steps granted.
Legal Topics
['cleansing Orders' 'financial Reporting Obligations' 'corporate Governance' 'relief From Civil Liability']
['corporations Law'] ['cleansing Orders' 'financial Reporting Obligations' 'corporate Governance' 'relief From Civil Liability']

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Procedural Posture

Corporations – Application for Cleansing Orders Under S 1322(4) of the Corporations Act 2001 (cth) / Judgment

Legal Issues

  1. 1 ['Whether plaintiffs and their officers should be relieved from civil liability for contraventions of financial reporting obligations under the Corporations Act 2001 (Cth)' 'Whether extensions of time should be granted for lodgement of certain documents and compliance steps']

Ratio Decidendi

The plaintiffs and their officers are entitled to be relieved from civil liability under s 1322(4)(c) of the Corporations Act 2001 (Cth) for contraventions of specified financial reporting provisions, as the contraventions resulted from honest inadvertence and no substantial injustice would be caused. Extension of time to complete certain compliance steps is also granted.

Court Disposition

Relief under s 1322(4) granted; extension of time for compliance steps granted.

Orders

  • ['Each plaintiff (and its current and former directors and officers) is relieved in whole from any civil liability in respect of contraventions specified in Annexure A for the periods specified.' 'Time extended for second plaintiff to lodge ASIC Form 399 for the financial year ended 31 December 2020 by 7 days after...