Federal Court of Australia
Federal Court of Australia
VRG Bidco Pty Ltd, in the matter of VRG Bidco Pty Ltd [2024] FCA 1088 File number: NSD 1272 of 2024
Judgment of: STEWART J
Date of judgment: 17 September 2024
Catchwords: CORPORATIONS – application under s 1322(4) of the Corporations Act 2001 (Cth) for relief of companies and their current and former directors and officers from civil liability in respect of failure of companies to lodge a deed of cross-guarantee and related certificate for the purposes of complying with financial reporting obligations – where non-compliance inadvertent and honest – where no substantial injustice
Legislation: Corporations Act 2001 (Cth), s 1322(4)
Division: General Division
Registry: New South Wales
National Practice Area: Commercial and Corporations
Sub-area: Corporations and Corporate Insolvency
Number of paragraphs: 5
Date of hearing: 17 September 2024
Counsel for the Plaintiffs: J Hynes
Solicitor for the Plaintiffs: King & Wood Mallesons
ORDERS NSD 1272 of 2024 IN THE MATTER OF VRG BIDCO PTY LTD VRG BIDCO PTY LTD First Applicant
POSITIVE INVESTMENTS PTY LTD Second Applicant
VILLAGE ROADSHOW CORPORATION PTY LTD (and others named in the Schedule) Third Applicant
order made by: STEWART J DATE OF ORDER: 17 SEPTEMBER 2024
THE COURT ORDERS THAT:
1. Pursuant to s 1322(4)(d) of the Corporations Act 2001 (Cth) (Corporations Act), the time specified by s 6(1)(m) of the ASIC Corporations (Wholly-owned Companies) Instrument 2016/786 (Instrument) for the plaintiffs to lodge with the Australian Securities and Investments Commission (ASIC), the Deed of Cross Guarantee appearing at pages 505-521 of Exhibit MSH-1 (Guarantee) and the certificate relating to the Guarantee (as defined in the Instrument) (together the Guarantee Documents), be extended to 30 September 2024. 2. Pursuant to s 1322(4)(c) of the Corporations Act, the parties to the Guarantee and their current and former directors and officers be relieved from any civil liability in respect of any non-compliance with s 6(1)(m) of the Instrument by reason of the failure to lodge with ASIC the Guarantee Documents by 30 June 2024. 3. Any person (including ASIC) who can demonstrate sufficient interest has liberty to apply within 7 days to vary or set aside orders 1 and 2. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate