In the matter of Mayne Pharma Group Limited [2024] NSWSC 154

Extension of time to lodge documents and relief from civil liability are granted as the directors acted honestly and no substantial injustice has arisen from the late notification to ASIC.

Jurisdiction: Australia
Judgment Date: 13 February 2024
Procedural Posture: Originating Process / Application for Curative Orders and Extension of Time
Outcome: Orders sought by MPG granted.
Legal Topics: ['share Buy Back' 'extension of Time' 'relief From Civil Liability']

['corporations'] ['share Buy Back' 'extension of Time' 'relief From Civil Liability']

Case Brief

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Procedural Posture

Originating Process / Application for Curative Orders and Extension of Time

Legal Issues

1 ['Whether extension of time to lodge documents regarding a share buy-back can be granted under s 1322(4) of the Corporations Act 2001 (Cth)' 'Whether directors and officers can be relieved from civil liability for failure to give notice of share buy-back within time' 'Whether failure to lodge notice with ASIC before dispatch of meeting notice causes substantial injustice']

Ratio Decidendi

Extension of time to lodge documents and relief from civil liability are granted as the directors acted honestly and no substantial injustice has arisen from the late notification to ASIC.

Court Disposition

Orders sought by MPG granted.

Orders

['Extension of time for compliance with lodgment requirements in ss 257C(3) and 257F of the Corporations Act 2001 (Cth)' 'Relief from civil liability for directors and officers in respect of contravention of ss 257C(3) and 257F']