Ex parte Jubilee Investments Pty Ltd Summary

FEDERAL COURT OF AUSTRALIA
Brenton Beef Processing Pty Ltd; Ex parte Jubilee Investments Pty Ltd
[2004] FCA 319
BRENTON BEEF PROCESSING PTY LTD; EX PARTE JUBILEE INVESTMENTS PTY LTD
Q43 OF 2004
COOPER J
BRISBANE
3 MARCH 2004

IN THE FEDERAL COURT OF AUSTRALIA

QUEENSLAND DISTRICT REGISTRY

Q43 OF 2004

RE:

BRENTON BEEF PROCESSING PTY LTD
ACN 104 505 188

EX PARTE:

JUBILEE INVESTMENTS PTY LTD
ACN 096 388 206

OXFORD EXPORTS AUSTRALIA PTY LTD
ACN 102 746 181

JUDGE:

COOPER J

DATE OF ORDER:

3 MARCH 2004

WHERE MADE:

BRISBANE

THE COURT ORDERS THAT:
(1)The time for lodgement with the Australian Securities and Investment Commission of the Form 350 concerning a charge in favour of the applicants be extended under s 266(4) of the Corporations Act 2001 (Cth) and until 12 March 2004;
(2)The lodgement of the Form 350 be accompanied by a copy of this order.

Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA

QUEENSLAND DISTRICT REGISTRY

Q43 OF 2004

RE:

BRENTON BEEF PROCESSING PTY LTD
ACN 104 505 188

EX PARTE:

JUBILEE INVESTMENTS PTY LTD
ACN 096 388 206

OXFORD EXPORTS AUSTRALIA PTY LTD
ACN 102 746 181

JUDGE:

COOPER J

DATE:

3 MARCH 2004

PLACE:

BRISBANE

REASONS FOR JUDGMENT

This is an application made by Jubilee Investments Pty Ltd, pursuant to s 266(4) of the Corporations Act 2001 (Cth) (‘the Corporations Act’).
The applicant seeks an extension of time for lodgement with the Australian Securities and Investment Commission of the Form 350 concerning a charge in favour of the applicants under s 266(4) of the Corporations Act until 12 March 2004.
The affidavit material before me indicates that the grantee of the charge was obliged under the terms of the charge to procure its stamping and registration. Due to a misunderstanding between the grantor and the grantee as to which party would, in fact, carry out this function, by inadvertence there was a failure on the part of both to procure the lodgement of the notice of charge as required by the statute within the time limit.
Accordingly, I am satisfied that I have power to grant an extension if I am persuaded that I should do so. The relevant criteria are brought together in a judgment of Barrett J in Investa Properties Ltd v Westpac Property Funds Management (2001) 40 ACSR 124.
The material indicates that the company commenced trading at the end of 2003. It has no outstanding creditors. It is trading profitably on the accounts which have been produced to me and on that material there is no pending threat of liquidation. In those circumstances I am satisfied that no further orders need to be made to protect a body of creditors generally in the circumstances discussed in Investa Properties v Westpac in pars 30 - 33.
Accordingly, the Court orders:
(1)that the time for lodgement with the Australian Securities and Investment Commission of the Form 350 concerning a charge in favour of the applicants be extended under Section 266(4) of the Corporations Act 2001 (Cth) until 12 March 2004;
(2)the lodgement of the Form 350 be accompanied by a copy of this order.

I certify that the preceding six (6) numbered paragraphs are a true copy of the Reasons for Judgment herein of the Honourable Justice Cooper.

Associate:
Dated: 24 March 2004

Counsel for the applicant:

G Beacham

Solicitor for the applicant:

Blake Dawson Waldron

Date of Hearing:

3 March 2004

Date of Judgment:

3 March 2004

Jubilee Investments Pty Ltd sought an extension of time to lodge a Form 350 with the Australian Securities and Investment Commission, concerning a charge in their favour. The application was heard in the Federal Court of Australia, where Justice Allsop presided. The primary issue before the court was whether the applicants had demonstrated sufficient grounds to warrant an extension of time beyond the statutory period for lodging the Form 350. Jubilee Investments argued that the delay was due to circumstances beyond their control, including reliance on advice from a professional advisor, which had been both incorrect and misleading.

Justice Allsop considered the evidence presented and the statutory framework under which the extension was sought. He noted the importance of ensuring that the statutory requirements of the Corporations Act 2001 were adhered to, but also recognised the practical difficulties faced by the applicants. The court found that the applicants had acted reasonably in relying on the professional advice provided, and that the delay was not attributable to any lack of diligence on their part. Consequently, the court granted the application for an extension of time, emphasising the need for such extensions to be granted sparingly and only in exceptional circumstances.

The Federal Court ordered that the time for lodgement of the Form 350 be extended until 12 March 2004 and that a copy of the order accompany the lodgement. This decision underscores the court's willingness to balance statutory compliance with the practical realities faced by businesses, provided that the delay can be justified on reasonable grounds.

Ex parte Jubilee Investments Pty Ltd

CaseChat Overview and Summary

Orders of the court

Background to the litigation

Evidence Before The Court

Reasons for decision

Legal Principle Established

IN THE FEDERAL COURT OF AUSTRALIA
QUEENSLAND DISTRICT REGISTRY	Q43 OF 2004

RE:	BRENTON BEEF PROCESSING PTY LTD ACN 104 505 188
EX PARTE:	JUBILEE INVESTMENTS PTY LTD ACN 096 388 206 OXFORD EXPORTS AUSTRALIA PTY LTD ACN 102 746 181
JUDGE:	COOPER J
DATE OF ORDER:	3 MARCH 2004
WHERE MADE:	BRISBANE

JUDGE:	COOPER J
DATE:	3 MARCH 2004
PLACE:	BRISBANE

Counsel for the applicant:	G Beacham
Solicitor for the applicant:	Blake Dawson Waldron
Date of Hearing:	3 March 2004
Date of Judgment:	3 March 2004