In the matter of Passportcard Australia Holdings Pty Ltd [2024] NSWSC 1479

Information held on ASIC's record was incorrect as it did not reflect the application for shares or the Company's contemporary intention. The error in share value should be rectified, and registration validated under s 1322(4) of the Act.

Parties: Plaintiff: Passportcard Australia Holdings Pty Ltd
Jurisdiction: Australia
Judgment Date: 07 November 2024
Procedural Posture: Application for Rectification of Register and Validation of Registration / Ex Tempore Judgment Orders Made on Hearing
Outcome: Orders made as per the application; registrational and rectification relief granted
Legal Topics: Rectification of Register, Validation of Company Registration, Shares – Error in Value Upon Incorporation

Corporations Law Rectification of Register Validation of Company Registration Shares – Error in Value Upon Incorporation

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Parties

Passportcard Australia Holdings Pty Ltd

Plaintiff

Procedural Posture

Application for Rectification of Register and Validation of Registration / Ex Tempore Judgment Orders Made on Hearing

Legal Issues

1 Whether rectification of the ASIC register should be made to correct the value of shares issued on incorporation
2 Whether an order validating registration of the Plaintiff should be made under s 1322(4) of the Corporations Act

Ratio Decidendi

Court Disposition

Orders made as per the application; registrational and rectification relief granted

Orders

Order for rectification of the register kept by the Australian Securities and Investments Commission in respect of the Plaintiff, to correct share value information
Order validating the registration of the Plaintiff