In the matter of Australian Wealth Management Pty Limited [2005] FCA 311

In the matter of Australian Wealth Management Pty Limited [2005] FCA 311

The Court extended the time because the failure to make the application to ASX within the prescribed time was due to inadvertence and the material indicated that no person would suffer substantial injustice, while protecting the 83 non-party offerees by requiring notice of the orders and giving them liberty to apply to vary or discharge the orders for 21 days.

Jurisdiction
Australia
Judgment Date
15 February 2005
Procedural Posture
Application Under S 1322(4)(d) of the Corporations Act 2001 (cth) to Extend Time for Making an Application for Admission of Securities to Quotation / Reasons for Judgment and Orders
Outcome
Orders made extending time and requiring notice to ASIC and offerees with liberty to apply.
Legal Topics
['extension of Time' 'prospectus Disclosure Document' 'admission of Securities to Quotation' 'substantial Injustice' 'non Party Offerees']
['corporations Law' 'securities Law'] ['extension of Time' 'prospectus Disclosure Document' 'admission of Securities to Quotation' 'substantial Injustice' 'non Party Offerees']

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Procedural Posture

Application Under S 1322(4)(d) of the Corporations Act 2001 (cth) to Extend Time for Making an Application for Admission of Securities to Quotation / Reasons for Judgment and Orders

Legal Issues

  1. 1 ['Whether the time for making an application pursuant to s 723(3) and s 724(1)(b) for admission of the securities to quotation should be extended under s 1322(4)(d) of the Corporations Act 2001 (Cth).' 'Whether making the orders would cause substantial injustice to persons who accepted the offer made in the Prospectus and were not parties to the application.']

Ratio Decidendi

The Court extended the time because the failure to make the application to ASX within the prescribed time was due to inadvertence and the material indicated that no person would suffer substantial injustice, while protecting the 83 non-party offerees by requiring notice of the orders and giving them liberty to apply to vary or discharge the orders for 21 days.

Court Disposition

Orders made extending time and requiring notice to ASIC and offerees with liberty to apply.

Orders

  • ["Pursuant to s 1322(4)(d) of the Corporations Act 2001 (Cth), the time for making an application pursuant to s 723(3) and s 724(1)(b) for the admission of the securities the subject of the disclosure document lodged by the plaintiff with the Australian Securities & Investment Commission on 3 February 2005 ('the...