MB Vic Pty Ltd, in the matter of MB Vic Pty Ltd

The case involves multiple plaintiffs, including MB Vic Pty Ltd, Motors Tas Pty Ltd, and others, who have applied for relief from non-compliance with certain financial reporting requirements under the Corporations Act 2001 (Cth). The application was heard in the Federal Court of Australia. The primary legal issues were whether the plaintiffs were entitled to relief from the consequences of non-compliance with the financial reporting requirements set out in the ASIC Class Orders and whether there was any detriment to third parties that would prevent the granting of relief.

The court considered the discretion available under section 1322(4) of the Corporations Act 2001 (Cth) to grant relief from the consequences of non-compliance. The plaintiffs argued that they had acted honestly and reasonably, and that there was no detriment to third parties. ASIC neither supported nor opposed the making of the orders, which was relevant to the exercise of the court's discretion. The plaintiffs had taken steps to remedy their non-compliance, and the court found that the plaintiffs had acted promptly to address their failures once they became aware of them. The court concluded that the plaintiffs had acted honestly and that there was no evidence of detriment to third parties. Therefore, the court exercised its discretion to grant the relief sought.

The court made orders relieving the plaintiffs from civil liability arising from the non-compliance with the ASIC Class Orders. These included extensions of time to lodge opt-in and opt-out notices, corrections to financial statements, and relief from liability for the non-compliance. The plaintiffs and their current and former directors were relieved from civil liability for specific failures to comply with financial reporting requirements, provided the relief was limited to the acts and omissions specified.