Re Affinity Health Limited [2006] NSWSC 579

Re Affinity Health Limited [2006] NSWSC 579

The Court has jurisdiction to grant extensions of time for late lodgments under both the Corporations Act and ASIC Class Order 98/1418 via s.1322(4)(d) and, in the exercise of discretion, such orders should be made where the delays have been remedied, disclosure objectives have been achieved, and no substantial injustice is likely to any person.

Jurisdiction
Australia
Judgment Date
15 June 2006
Procedural Posture
Application / Final Judgment
Outcome
Orders made under s.1322(4)(d) extending time for lodgment of financial reports and notices nunc pro tunc. Declaratory relief not granted but liberty reserved to restore if further submissions wished.
Legal Topics
['accounts and Audit' 'lodgment of Financial Reports' 'asic Class Order 98/1418' 'extension of Time for Lodgment']
['corporations Law'] ['accounts and Audit' 'lodgment of Financial Reports' 'asic Class Order 98/1418' 'extension of Time for Lodgment']

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Procedural Posture

Application / Final Judgment

Legal Issues

  1. 1 ['Whether the Court may extend time retrospectively for lodgment of financial reports and notices under Corporations Act and ASIC Class Order 98/1418' 'Whether jurisdiction exists where time period prescribed by class order' 'Whether extension of time is appropriate in discretion']

Ratio Decidendi

The Court has jurisdiction to grant extensions of time for late lodgments under both the Corporations Act and ASIC Class Order 98/1418 via s.1322(4)(d) and, in the exercise of discretion, such orders should be made where the delays have been remedied, disclosure objectives have been achieved, and no substantial injustice is likely to any person.

Court Disposition

Orders made under s.1322(4)(d) extending time for lodgment of financial reports and notices nunc pro tunc. Declaratory relief not granted but liberty reserved to restore if further submissions wished.

Orders

  • ["Orders pursuant to s.1322(4)(d) granted extending time for late lodgment of audited financial statements and directors' reports and notices under ASIC Class Order 98/1418." 'Liberty to plaintiffs to restore matter to the list within seven days should they wish to make further submissions regarding declaratory...