Bowen Coking Coal Limited, in the matter of Bowen Coking Coal Limited [2020] FCA 1738

Bowen Coking Coal Limited, in the matter of Bowen Coking Coal Limited [2020] FCA 1738

The applicant's failure to lodge a Cleansing Notice within the required time under s 708A(6)(a) of the Act was inadvertent and procedural; all parties acted honestly, justice and equity favour making the orders, and no substantial injustice results. Discretionary and jurisdictional factors under s 1322 are satisfied. Court grants an extension, validates actions, and relieves parties from civil liability.

Jurisdiction
Australia
Judgment Date
30 November 2020
Procedural Posture
Corporations Application / Final Determination
Outcome
Orders granted as sought by applicant
Legal Topics
['extension of Time for Lodging Cleansing Notice' 'relief From Civil Liability' 'validating Share Issue Procedure']
['corporations Law'] ['extension of Time for Lodging Cleansing Notice' 'relief From Civil Liability' 'validating Share Issue Procedure']

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Procedural Posture

Corporations Application / Final Determination

Legal Issues

  1. 1 ['Whether time for lodging Cleansing Notice under s 708A(5)(e) and s 708A(6)(a) of the Corporations Act 2001 (Cth) should be extended' 'Whether orders should be made validating failure to lodge notice and providing relief from civil liability']

Ratio Decidendi

The applicant's failure to lodge a Cleansing Notice within the required time under s 708A(6)(a) of the Act was inadvertent and procedural; all parties acted honestly, justice and equity favour making the orders, and no substantial injustice results. Discretionary and jurisdictional factors under s 1322 are satisfied. Court grants an extension, validates actions, and relieves parties from civil liability.

Court Disposition

Orders granted as sought by applicant

Orders

  • ['Extension of time for lodging Cleansing Notice to 24 November 2020' 'Declaration deeming notice effective as if given on date of issue' 'Declaration that offers/sales during relevant period are not invalid due to failure to lodge notice' 'Relief from civil liability for persons who received or on-sold shares'...