Livestock Traders International Pty Ltd v BUI

Livestock Traders International Pty Ltd sought an extension of time to comply with a statutory demand issued by Thi Lam Bui and Van Quang Bui. The Federal Court of Australia was required to determine whether the court could grant a further extension upon an application made after the expiration of the period specified in an order extending the period. The court had to consider the provisions of the Corporations Law, specifically sections 459F and 70, and the relevant rules of the Federal Court of Australia.

The court examined the statutory framework governing statutory demands and the power of the court to extend the period for compliance. The court considered the submissions of the parties and the relevant statutory provisions. It concluded that once an exercise of the power to extend the period for compliance had occurred, no operation was left to the relevant sub-paragraph of section 459F. The court further found that the reference in section 459F(2)(a)(i) to "the last such order" implied a power exercisable from time to time as occasion required. The court held that the imposition of a specific limitation as to the time within which an application may be made for an extension of the time for compliance was consistent with the scheme of the Corporations Law. The court found that section 70 did not confer on the court the power to extend the time for compliance upon an application made by the applicant after the expiration of the period of extension ordered by the Deputy Registrar.

The court dismissed the application for an order extending the period for compliance with the statutory demand and the application for review of the Deputy Registrar's order dismissing the application to set aside the statutory demand. The statutory demand was still in effect at the end of the period for compliance and the applicant was taken to fail to comply with the demand. The applicant was ordered to pay the respondents' costs of the proceeding.