Aus Tin Mining Limited, in the matter of Aus Tin Mining Limited [2020] FCA 1888

Aus Tin Mining Limited, in the matter of Aus Tin Mining Limited [2020] FCA 1888

Relief was granted under s 1322(4) of the Corporations Act 2001 (Cth), extending the time for giving cleansing notices, deeming notices to take effect as if timely lodged, validating share sales, and absolving third-party sellers of civil liability. The failure to comply was an honest inadvertent error, prompt corrective actions were taken, affected parties did not object, and no substantial injustice would result. It was just and equitable to make the orders sought.

Jurisdiction
Australia
Judgment Date
23 September 2020
Procedural Posture
Corporations (relief Application) / First Instance Judgment
Outcome
Relief granted as sought by the applicant.
Legal Topics
['disclosure of Securities' 'relief From Civil Liability' 'cleansing Notices' 'asx Compliance']
['corporations Law'] ['disclosure of Securities' 'relief From Civil Liability' 'cleansing Notices' 'asx Compliance']

Case Brief

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Procedural Posture

Corporations (relief Application) / First Instance Judgment

Legal Issues

  1. 1 ['Whether relief should be granted under s 1322 of the Corporations Act 2001 (Cth) for failure to lodge timely cleansing notices with respect to share issues.' 'Whether sellers and on-sellers of affected shares should be relieved from civil liability for subsequent onsale without disclosure.' 'Whether the requirements of s 1322(6) (honesty, procedural nature, or just and equitable, and no substantial injustice) are satisfied.']

Ratio Decidendi

Relief was granted under s 1322(4) of the Corporations Act 2001 (Cth), extending the time for giving cleansing notices, deeming notices to take effect as if timely lodged, validating share sales, and absolving third-party sellers of civil liability. The failure to comply was an honest inadvertent error, prompt corrective actions were taken, affected parties did not object, and no substantial injustice would result. It was just and equitable to make the orders sought.

Court Disposition

Relief granted as sought by the applicant.

Orders

  • ['Extension of periods for giving cleansing notices in respect of specified share issues to 8 September 2020.' 'Deeming notices given within this extended period to take effect as if given on the relevant dates of share issues.' 'Validating onsale of shares and relieving third-party sellers from civil liability from...