In the matter of DJG Equities Pty Ltd [2014] NSWSC 194

In the matter of DJG Equities Pty Ltd [2014] NSWSC 194

Because the Liquidators were interested persons and ASIC's prescribed register of companies contained shareholding information derived from a notification of a share transfer that the Court had held to be void, the current entry resulted from an invalid process and did not reflect the true position. Section 1322(4)(b) therefore empowered the Court to order rectification of ASIC's register to record DJG Securities Pty Ltd as holder of the 1,000 shares in DJG Equities Pty Ltd.

Jurisdiction
Australia
Judgment Date
20 February 2014
Procedural Posture
Application for Rectification of Records Maintained by ASIC in Respect of Shareholding / Interlocutory Application
Outcome
Order made for rectification of records maintained by ASIC in respect of the shareholding of the first defendant.
Legal Topics
['rectification of ASIC Register' 'voidable Transaction' 'share Transfer' 'asic Records' 'corporations Act 2001 (cth) S 1322(4)(b)']
['corporations Law'] ['rectification of ASIC Register' 'voidable Transaction' 'share Transfer' 'asic Records' 'corporations Act 2001 (cth) S 1322(4)(b)']

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Procedural Posture

Application for Rectification of Records Maintained by ASIC in Respect of Shareholding / Interlocutory Application

Legal Issues

  1. 1 ['Whether the register maintained by ASIC which was sought to be rectified is a register capable of rectification under s 1322(4)(b) of the Corporations Act 2001 (Cth).' 'Whether the power of rectification under s 1322(4)(b) of the Corporations Act 2001 (Cth) permits rectification of a register where a dealing was required to be notified by statute but the content of that notification was incorrect.']

Ratio Decidendi

Because the Liquidators were interested persons and ASIC's prescribed register of companies contained shareholding information derived from a notification of a share transfer that the Court had held to be void, the current entry resulted from an invalid process and did not reflect the true position. Section 1322(4)(b) therefore empowered the Court to order rectification of ASIC's register to record DJG Securities Pty Ltd as holder of the 1,000 shares in DJG Equities Pty Ltd.

Court Disposition

Order made for rectification of records maintained by ASIC in respect of the shareholding of the first defendant.

Orders

  • ['That the Australian Securities & Investments Commission register in relation to the shareholding of DJG Equities Pty Limited (ACN 147 086 780) (the first defendant) be restored to record DJG Securities Pty Limited (ACN 135 852 792) (in liquidation) (the first plaintiff) as the holder of all 1,000 shares in DJG...