Perseverance Co Ltd v Australian Securities & Investments Commission [1999] FCA 98

Perseverance Co Ltd v Australian Securities & Investments Commission [1999] FCA 98

The orders should be made because the contravention was inadvertent, no prejudice was caused, all required parties had access to the information, no utility would be served by leaving the applicant in default, and ASIC did not oppose the application.

Parties
Applicant: Perseverance Co Ltd; Respondent: Australian Securities & Investments Commission; Respondent: Melbourne Square Pty Ltd
Jurisdiction
Australia
Judgment Date
02 February 1999
Procedural Posture
Corporations Failure to Lodge Statement / Application for Excusal of Contravention Under S 743(1) of the Corporations Law
Outcome
Contravention excused; Part D statement upheld as valid
Legal Topics
Takeover Offers, Failure to Lodge Statement, Excusal of Contravention, Validity of Disclosure Statements
Corporations Law Takeover Offers Failure to Lodge Statement Excusal of Contravention Validity of Disclosure Statements

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 5 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Perseverance Co Ltd

Applicant

Australian Securities & Investments Commission

Respondent

Melbourne Square Pty Ltd

Respondent

Procedural Posture

Corporations Failure to Lodge Statement / Application for Excusal of Contravention Under S 743(1) of the Corporations Law

Legal Issues

  1. 1 Whether the contravention of s 683(4) of the Corporations Law by Perseverance Co Ltd should be excused
  2. 2 Whether the Part D statement is invalid due to the contravention

Ratio Decidendi

The orders should be made because the contravention was inadvertent, no prejudice was caused, all required parties had access to the information, no utility would be served by leaving the applicant in default, and ASIC did not oppose the application.

Court Disposition

Contravention excused; Part D statement upheld as valid

Orders

  • The applicant's contravention of s 683(4) of the Corporations Law in failing to lodge its Part D statement dated 31 December 1998 with the ASIC on 31 December 1998 be excused.
  • The applicant's Part D statement dated 31 December 1998 is not invalid by reason of the said contravention and has effect, and at all times has had effect, as if there had been no such contravention.