Silver Mines Limited, in the matter of Silver Mines Limited [2013] FCA 254

Silver Mines Limited, in the matter of Silver Mines Limited [2013] FCA 254

Relief was granted under ss 1322(4)(a) and 1322(4)(c) of the Corporations Act 2001 (Cth), as the company and relevant persons acted honestly, and the non-compliance was formal in nature, with no prejudice identified.

Jurisdiction
Australia
Judgment Date
13 March 2013
Procedural Posture
Corporations Proceedings / Final Orders After Application for Relief From Civil Liability
Outcome
Relief from invalidity and civil liability granted; ancillary orders made.
Legal Topics
['share Issue' 'relief From Non Compliance' 'cleansing Notice Requirements' 'asic Class Order CO09 425']
['corporations Law'] ['share Issue' 'relief From Non Compliance' 'cleansing Notice Requirements' 'asic Class Order CO09 425']

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Procedural Posture

Corporations Proceedings / Final Orders After Application for Relief From Civil Liability

Legal Issues

  1. 1 ["Whether relief should be granted under s 1322 of the Corporations Act 2001 (Cth) in relation to the failure to give a 'Cleansing Notice' as required by ASIC Class Order [CO 009/425]"]

Ratio Decidendi

Relief was granted under ss 1322(4)(a) and 1322(4)(c) of the Corporations Act 2001 (Cth), as the company and relevant persons acted honestly, and the non-compliance was formal in nature, with no prejudice identified.

Court Disposition

Relief from invalidity and civil liability granted; ancillary orders made.

Orders

  • ['Declares that sales of specified shares in Plaintiff between 31 August 2012 and 8 March 2013 are not invalid due to failure to give a Cleansing Notice to ASX.' 'Sellers of specified shares wholly relieved from civil liability due to non-compliance with Cleansing Notice requirements.' 'Sealed copy of Orders to be...