Queensland Bauxite Ltd, in the matter of Queensland Bauxite Ltd [2018] FCA 2113

FEDERAL COURT OF AUSTRALIA

Queensland Bauxite Ltd, in the matter of Queensland Bauxite Ltd [2018] FCA 2113 File number: WAD 494 of 2018

Judge: MCKERRACHER J

Date of judgment: 27 November 2018

Date of publication of reasons: 29 January 2019

Catchwords: CORPORATIONS – application for orders to validate share trades and relieve sellers of shares from civil liability – consideration of principles relevant to an assessment of the making of remedial orders under s 1322 of the Corporations Act 2001 (Cth) (CA) – declarations made under s 1322(4)(a) regarding 'uncleansed' securities issued Held: orders made relieving sellers from liability under s 707(3) and s 727(1) of the CA – no order for costs

Legislation: Corporations Act 2001 (Cth) ss 707(3), 708A, 708A(5), 708A(5)(b), 708A(5)(e), 708A(6), 708A(11), 708A(11)(b), 727(1), 1322, 1322(4), 1322(4)(a), 1322(4)(c), 1322(5), 1322(6), 1322(6)(a)(i), 1322(6)(a)(ii), 1322(6)(a)(iii), 1322(6)(b), 1322(6)(c), 1325(5), 1332, 1337B(1), Ch 6D.2

Cases cited: Azure Minerals Limited, in the matter of Azure Minerals Limited [2013] FCA 63 Re Chinese Cultural Club Ltd (2004) 183 FLR 33 Eddy Lau Constructions Pty Ltd v Transdevelopment Enterprise Pty Ltd [2004] NSWSC 273 EHR Resources Ltd, in the matter of EHR Resources Ltd [2018] FCA 997 Elderslie Finance Corporation Ltd v Australian Securities Commission (1993) 11 ACSR 157 Re Golden Gate Petroleum Ltd (ABN 090 074 785) (2010) 77 ACSR 17 Re iCandy Interactive Ltd (ACN 604 871 712) (2018) 125 ACSR 369 Re Poseidon Nickel Ltd (2018) 129 ACSR 57 Re Silver Lake Resources Ltd (ACN 108 779 782) (2012) 87 ACSR 436 Re Sprint Energy Limited, in the matter of Sprint Energy Limited [2012] FCA 1354 Super John Pty Ltd v Futuris Rural Pty Ltd (1999) 32 ACSR 398 TV2U International Limited, in the matter of TV2U International Limited [2016] FCA 1556 Re Wave Capital Ltd (ACN 006 031 161) (2003) 47 ACSR 418 Weinstock v Beck (2013) 251 CLR 396