Re ComfortDelGro Corporation Australia Pty Ltd

In the Federal Court of Australia, CDC Australia, a public transport company operating in several Australian states, sought relief from certain financial reporting and compliance obligations. The company had failed to comply with specific conditions of ASIC Class Orders that exempted it and its subsidiaries from certain financial reporting requirements, including the failure to file opt in notices. CDC Australia argued that its non-compliance was inadvertent and that there would be no substantial injustice if relief was granted. ASIC neither consented to nor objected to the relief sought by CDC Australia.

The legal issues before the court were whether CDC Australia's failure to comply with the conditions of the ASIC Class Orders was inadvertent and whether granting relief would result in no substantial injustice. The court considered the requirements of sections 1322(4) and 1322(6) of the Corporations Act 2001 (Cth), which allow for relief from non-compliance if certain conditions are met. The court found that CDC Australia's failure to comply with the conditions of the ASIC Class Orders was inadvertent and that granting relief would not result in any substantial injustice. The court noted that CDC Australia had taken steps to comply with the Class Orders, including executing a deed of cross guarantee, and that ASIC had not provided any feedback on whether CDC Australia met the conditions of the Class Orders.

The court granted CDC Australia and its subsidiaries relief from any civil liability in respect of their failure to comply with certain financial reporting and compliance obligations. The court also extended the time for CDC Australia and its subsidiaries to file the opt in notices required by the ASIC Class Orders. The court found that CDC Australia's non-compliance was inadvertent and that granting relief would not result in any substantial injustice. The court noted that CDC Australia had taken steps to comply with the Class Orders and that ASIC had not provided any feedback on whether CDC Australia met the conditions of the Class Orders.

The court made orders pursuant to section 1322(4) of the Corporations Act, extending the time for CDC Australia and its subsidiaries to file the opt in notices required by the ASIC Class Orders, and relieving CDC Australia and its subsidiaries from any civil liability in respect of their failure to comply with certain financial reporting and compliance obligations. The orders also relieved CDC Australia and its subsidiaries from any civil liability in respect of their failure to lodge an opt in notice within the time specified in the ASIC Class Orders. The court's orders provide relief to CDC Australia and its subsidiaries from certain financial reporting and compliance obligations, and allow them to regularise their position with ASIC.