Golden Iron Resources Ltd, In the matter of Golden Iron Resources Ltd [2010] FCA 693

Golden Iron Resources Ltd, In the matter of Golden Iron Resources Ltd [2010] FCA 693

The inadvertent error in failing to apply for quotation within seven days did not cause substantial injustice; the court exercised its discretion to extend the time under s 1322(4)(d) as no applicant has suffered detriment and remedial actions were promptly taken.

Jurisdiction
Australia
Judgment Date
14 June 2010
Procedural Posture
Originating Application / Final Judgment and Orders
Outcome
Orders granted extending the period for applying for quotation of shares and abridging time for service and hearing.
Legal Topics
['prospectus Requirements' 'quotation of Securities' 'extension of Time']
['corporations Law'] ['prospectus Requirements' 'quotation of Securities' 'extension of Time']

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Procedural Posture

Originating Application / Final Judgment and Orders

Legal Issues

  1. 1 ['Whether the court should extend the period for lodging an application for quotation of securities under a prospectus pursuant to s 1322(4)(d) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

The inadvertent error in failing to apply for quotation within seven days did not cause substantial injustice; the court exercised its discretion to extend the time under s 1322(4)(d) as no applicant has suffered detriment and remedial actions were promptly taken.

Court Disposition

Orders granted extending the period for applying for quotation of shares and abridging time for service and hearing.

Orders

  • ['The time for service and hearing of the application be abridged.' 'The period of seven days referred to in s 723(3)(a) and s 724(b)(i) of the Corporations Act in respect of the prospectus dated 7 May 2010 be extended to and include 1 June 2010.' 'An office copy of this order be lodged with ASIC as soon as...