Dana Australia (Holdings) Pty Ltd, in the matter of Dana Australia (Holdings) Pty Ltd [2006] FCA 355

Dana Australia (Holdings) Pty Ltd, in the matter of Dana Australia (Holdings) Pty Ltd [2006] FCA 355

Section 1322(4)(d) Corporations Act 2001 empowers the Court to extend periods fixed not only by the Act and regulations but also by class orders made under s 341 of the Act. The Court extended the prescribed periods after being satisfied, as required by s 1322(6)(c), that no substantial injustice would be caused.

Parties
Plaintiff: Dana Australia (Holdings) Pty Ltd; Plaintiff: Dana Australia Pty Ltd; Plaintiff: Dana Australia Trading Pty Ltd; Plaintiff: Spicer Axle Australia Pty Ltd; Plaintiff: Spicer Axle Structural Components Australia Pty Ltd
Jurisdiction
Australia
Judgment Date
11 April 2006
Procedural Posture
Corporate Application / Application for Extension of Time Under S 1322(4)(d) Corporations Act 2001
Outcome
Application granted
Legal Topics
Extension of Time, Class Order Compliance, Court's Power Under S 1322(4)(d), ASIC Class Orders
Corporations Law Extension of Time Class Order Compliance Court's Power Under S 1322(4)(d) ASIC Class Orders

Case Brief

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Parties

Dana Australia (Holdings) Pty Ltd

Plaintiff

Dana Australia Pty Ltd

Plaintiff

Dana Australia Trading Pty Ltd

Plaintiff

Spicer Axle Australia Pty Ltd

Plaintiff

Spicer Axle Structural Components Australia Pty Ltd

Plaintiff

Procedural Posture

Corporate Application / Application for Extension of Time Under S 1322(4)(d) Corporations Act 2001

Legal Issues

  1. 1 Whether s 1322(4)(d) Corporations Act 2001 permits the Court to extend periods fixed by an ASIC class order
  2. 2 Distinction between periods fixed by statute and by ASIC class order
  3. 3 Scope of court's remedial power under s 1322(4)(d)

Ratio Decidendi

Section 1322(4)(d) Corporations Act 2001 empowers the Court to extend periods fixed not only by the Act and regulations but also by class orders made under s 341 of the Act. The Court extended the prescribed periods after being satisfied, as required by s 1322(6)(c), that no substantial injustice would be caused.

Court Disposition

Application granted

Orders

  • Periods fixed by ASIC class order under s 341 were extended pursuant to s 1322(4)(d) Corporations Act 2001 to validate the plaintiffs' late filings