National Australia Bank Ltd v Pracom Investments Pty Ltd [2002] FCA 463

National Australia Bank Ltd v Pracom Investments Pty Ltd [2002] FCA 463

The Court granted the extensions because the preconditions in s 266(4) were satisfied: the failures resulted from inadvertence involving internal stamp duty and timing problems, the public record had at all relevant times disclosed the charges, and the failures were not of a nature to prejudice creditors or shareholders. In proceeding V 3077 of 2001, the earlier order could be set aside under O 35 r 7(2)(f) because it was made in the Bank's favour and the Bank consented to it being set aside.

Jurisdiction
Australia
Judgment Date
05 April 2002
Procedural Posture
Application Under S 266(4) of the Corporations Act 2001 (cth) for Extension of Time Within Which Notices in Respect of Charges Are to Be Lodged / Reasons for Judgment and Orders
Outcome
Orders made granting leave to amend, setting aside the earlier order in proceeding V 3077 of 2001, extending time for lodgment of Forms 350 until 12 April 2002, and ordering National Australia Bank to pay ASIC's taxed costs.
Legal Topics
['extension of Time for Lodgment of Notice of Charge' 'form 350' 'setting Aside Prior Order' 'corporations Act 2001 (cth) S 266(4)']
['corporations Law' 'secured Transactions' 'civil Procedure'] ['extension of Time for Lodgment of Notice of Charge' 'form 350' 'setting Aside Prior Order' 'corporations Act 2001 (cth) S 266(4)']

Case Brief

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Procedural Posture

Application Under S 266(4) of the Corporations Act 2001 (cth) for Extension of Time Within Which Notices in Respect of Charges Are to Be Lodged / Reasons for Judgment and Orders

Legal Issues

  1. 1 ['Whether the Court should extend time under s 266(4) of the Corporations Act 2001 (Cth) for lodgment with ASIC of Forms 350 concerning charges.' 'Whether failures to lodge within time were accidental, due to inadvertence or other sufficient cause, or not of a nature to prejudice creditors or shareholders.' 'Whether the earlier order made on 14 December 2001 in proceeding V 3077 of 2001 should be set aside.']

Ratio Decidendi

The Court granted the extensions because the preconditions in s 266(4) were satisfied: the failures resulted from inadvertence involving internal stamp duty and timing problems, the public record had at all relevant times disclosed the charges, and the failures were not of a nature to prejudice creditors or shareholders. In proceeding V 3077 of 2001, the earlier order could be set aside under O 35 r 7(2)(f) because it was made in the Bank's favour and the Bank consented to it being set aside.

Court Disposition

Orders made granting leave to amend, setting aside the earlier order in proceeding V 3077 of 2001, extending time for lodgment of Forms 350 until 12 April 2002, and ordering National Australia Bank to pay ASIC's taxed costs.

Orders

  • ['In proceeding V 3077 of 2001, the plaintiff has leave to further amend the amended originating process into the form of the proposed further amended originating process, being exhibit "JRS 3" to the affidavit of John Richard Spear, sworn 28 March 2002.' 'In proceeding V 3077 of 2001, the order made on 14 December...