Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
ICandy Interactive Limited, in the matter of ICandy Interactive Limited [2018] FCA 533 File number: WAD 11 of 2018
Judge: BANKS-SMITH
Date of judgment: 13 April 2018
Date of publication of reasons: 18 April 2018
Catchwords: CORPORATIONS – application for declaratory relief to validate share trades and relieve sellers of shares from civil liability – where contraventions of s 707(3) and s 727 as to disclosure – where company did not issue cleansing notice – where director chose to delay issue of cleansing notice – where delay had result that no longer open to company to issue cleansing notice – where trading in shares prior to issue of cleansing prospectus – meaning of 'acted honestly' in context of s 1322(6)(a) – meaning of person 'concerned in' a contravention in context of s 1322(6)(a)
Legislation: Corporations Act 2001 (Cth) ss 707(3), 708, 708(8), 708A, 708A(5), 708(A)(5)(e), 708A(11), 708A(11)(c), 708AA, 727(1), 727(5), 1322(4), 1322(4)(a), 1322(4)(c), 1322(6)(a), 1322(6)(b), 1322(6)(c)
Cases cited: Ashbury v Reid [1961] WAR 49 Australian Securities and Investments Commission v ActiveSuper Pty Ltd (in liq) (2015) 235 FCR 181 Clarke v Great Southern Finance Pty Ltd [2014] VSC 516 G8 Communications Ltd, in the matter of G8 Communications Ltd [2016] FCA 297 Gore v Australian Securities and Investments Commission [2017] FCAFC 13 Hall v Poolman [2007] NSWSC 1330 Lam v R (1990) 46 A Crim R 402 Nenna v Australian Securities and Investments Commission [2011] FCA 1193 Primelife Corporation Ltd v Aevum Ltd [2005] NSWSC 269 Re Elemental Minerals Ltd [2010] FCA 687 Re European Lithium Limited [2017] FCA 894 Re Golden Gate Petroleum Ltd (2010) 77 ACSR 17 Re QBiotocs Limited [2016] FCA 873 Re Silver Lake Resources Ltd [2012] FCA 32 Re Spectrum Rare Earth Limited [2017] FCA 883 Re Sprint Energy Limited [2012] FCA 1354 Re TV2U International Limited [2016] FCA 1556 Re Wave Capital Ltd [2003] FCA 969 R v Kelly (1975) 12 SASR 389 Yorke v Lucas (1985) 158 CLR 661
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