In the matter of Insurance Australia Group Ltd [2003] FCA 581

In the matter of Insurance Australia Group Ltd [2003] FCA 581

The Court has power under s 1322(4)(d) to extend the seven-day period for applying for quotation, and such extension is appropriate here, as no substantial injustice is likely to be caused to any person and the omission was inadvertent.

Parties
Plaintiff: Insurance Australia Group Limited (ACN 090 739 923)
Jurisdiction
Australia
Judgment Date
06 June 2003
Procedural Posture
Corporations Application Under Corporations Act / Ex Parte Application for Extension of Time
Outcome
Application granted; extension of time ordered.
Legal Topics
Extension of Time, Prospectus Requirements, Quotation of Securities, Section 1322 Relief
Corporations Law Extension of Time Prospectus Requirements Quotation of Securities Section 1322 Relief

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Parties

Insurance Australia Group Limited (ACN 090 739 923)

Plaintiff

Procedural Posture

Corporations Application Under Corporations Act / Ex Parte Application for Extension of Time

Legal Issues

  1. 1 Whether the Federal Court has power under s 1322(4)(d) of the Corporations Act 2001 (Cth) to extend the statutory period for making application for quotation of securities after the period has expired
  2. 2 Whether an extension should be granted where failure to comply resulted from inadvertence and no substantial injustice is likely to result

Ratio Decidendi

The Court has power under s 1322(4)(d) to extend the seven-day period for applying for quotation, and such extension is appropriate here, as no substantial injustice is likely to be caused to any person and the omission was inadvertent.

Court Disposition

Application granted; extension of time ordered.

Orders

  • For the purposes of s 723(3)(a) and s 724(1)(b)(i) of the Corporations Act 2001 (Cth), the time within which the plaintiff may make an application for the admission of Reset Preference shares issued pursuant to a prospectus dated 20 May 2003 to quotation on Australian Stock Exchange Limited be extended to 10 June 2003.