Carter and Australian Securities and Investments Commission

This matter concerned an application by the Applicant, Carter, for an extension of time to lodge an appeal against a decision by the Australian Securities and Investments Commission (ASIC) to disqualify him. The reviewable decision was dated 20 July 2017, but the precise date of service on the Applicant was disputed. ASIC argued that the Applicant had delayed significantly in bringing his application.

The Tribunal was required to determine whether to grant an extension of time for the Applicant to lodge his substantive application. This involved considering several legal principles, including whether the Applicant had provided an acceptable explanation for the delay, whether it was fair and equitable to grant an extension, the potential prejudice to ASIC, public interest considerations, and the merits of the substantive application.

The Tribunal applied established principles for granting extensions of time, noting that an applicant must provide an acceptable explanation for the delay and demonstrate that it is fair and equitable to grant the extension. It considered that the Applicant's actions, including communication with ASIC, indicated he had not "rested on his rights." While acknowledging the significant delay of nearly 12 months, the Tribunal found a reasonable explanation existed. It also determined that the substantive application had a reasonable prospect of success and that ASIC had not demonstrated significant prejudice. The Tribunal rejected ASIC's argument, finding that the public interest favoured allowing review of disqualification decisions where appropriate.

Accordingly, the Tribunal found it reasonable in all the circumstances to extend the time for the Applicant to make his substantive application to 8 August 2018.