Car Buyers Australia Pty Limited v Australian Securities and Investments Commission, in the matter of Car Buyers Australia Pty Limited [2020] FCA 599

FEDERAL COURT OF AUSTRALIA

Car Buyers Australia Pty Limited v Australian Securities and Investments Commission, in the matter of Car Buyers Australia Pty Limited [2020] FCA 599 File number: NSD 253 of 2020

Judge: GLEESON J

Date of judgment: 14 May 2020

Catchwords: CORPORATIONS – application under s 1322(4)(c) of Corporations Act 2001 (Cth) (Act) for relief of company and its current and former directors and officers from civil liability in respect of failure of company to lodge certain forms and comply with financial reporting obligations – where failure to lodge opt-in notice for relief under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 – whether persons concerned acted honestly – application under s 1322(4)(d) of Act for extension of time for company to lodge opt-in notice – whether substantial injustice has been or is likely to be caused to any person by statutory non-compliance or proposed orders

Legislation: ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 cll 3, 5, 6 Corporations Act 2001 (Cth) Pt 2M.3, ss 314, 315, 341, 1274, 1322(4)

Cases cited: An v Joo [2019] NSWSC 39 Elderslie Finance Corp Ltd v Australian Securities Commission [1993] WASC 465, (1993) 11 ACSR 157 Gangemi v Osborne [2009] VSCA 297 Lock, Re Cedenco JV Australia Pty Ltd (in liq) (No 2) [2019] FCA 93 Re Murray River Organics Ltd [2019] FCA 931; (2019) 138 ACSR 365 Re Solco Ltd [2015] FCA 635; (2015) 106 ACSR 591 Re Wave Capital Ltd [2003] FCA 969; (2003) 47 ACSR 418 Re Wesfarmers Ltd; Ex parte Wesfarmers Ltd (No 2) [2018] WASC 357