Lake Resources N.L., in the matter of Lake Resources N.L. [2022] FCA 197

Lake Resources N.L., in the matter of Lake Resources N.L. [2022] FCA 197

Relief under s 1322(4) of the Corporations Act 2001 (Cth) should be granted where the omission to lodge cleansing notices was inadvertent and honest, no substantial injustice will be caused, the error is essentially procedural, and the applicant has taken adequate remedial steps to prevent recurrence.

Parties
Applicant: Lake Resources N.L.
Jurisdiction
Australia
Judgment Date
28 February 2022
Procedural Posture
Corporations – Exercise of Power Under S 1322 / Application for Relief Under S 1322 of the Corporations Act 2001 (cth)
Outcome
Relief granted
Legal Topics
Cleansing Notice, Extension of Time, Disclosure Requirements, Corporate Compliance, Remedial Relief
Corporations Cleansing Notice Extension of Time Disclosure Requirements Corporate Compliance Remedial Relief

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Parties

Lake Resources N.L.

Applicant

Procedural Posture

Corporations – Exercise of Power Under S 1322 / Application for Relief Under S 1322 of the Corporations Act 2001 (cth)

Legal Issues

  1. 1 Whether relief should be granted under s 1322 of the Corporations Act 2001 (Cth) for failure to lodge cleansing notices within the statutory period
  2. 2 Whether the applicant and related parties acted honestly in relation to the omission
  3. 3 Whether granting relief would cause substantial injustice to any person

Ratio Decidendi

Relief under s 1322(4) of the Corporations Act 2001 (Cth) should be granted where the omission to lodge cleansing notices was inadvertent and honest, no substantial injustice will be caused, the error is essentially procedural, and the applicant has taken adequate remedial steps to prevent recurrence.

Court Disposition

Relief granted

Orders

  • The time for lodgment of cleansing notices for specified share issues is extended to 24 February 2022.
  • Notices lodged within the extended period are deemed effective as if lodged on the date of issue.