Financial reporting and lodging requirements under Part 2M.3 of the Corporations Act 2001 (Cth)
relief from compliance under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785
lodgement of Deed of Cross-Guarantee within time but in a form that was rejected by ASIC
Quick Take
1Section 1322(4)(d) of the Corporations Act may be used to extend the time for lodging a deed of cross-guarantee under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 where the deed was lodged within time but rejected by ASIC due to inadvertent errors by the lodging party's solicitor.
2Where non-compliance with a lodgement deadline results from honest error or inadvertence and no substantial injustice to third parties is demonstrated, the broad remedial purpose of s 1322(4) supports the grant of relief, particularly where the prejudice from refusal would be disproportionate to the omissions made.
