CORPORATIONS — Rectification of register maintained by ASIC — Where appointment of receivers and managers to property held by company on trust — Whether terminology “externally administered”, “external administrator” and “receiver manager appointed” used in forms and extracts on the register relating to the company was misleading — When regard had to the definitions in the Corporations Act 2001 (Cth) of the terminology used on the register, a reasonable reader would have no doubt that the appointments of receivers and managers related to property of the company and not the company itself — Sufficient information provided on the register to enable a reasonable reader to interrogate the register
APPEALS — Leave to appeal — Whether leave required — Monetary threshold — Where relief sought has no readily ascertainable value — Relief sought by applicant not a claim or question amounting to a value of $100,000 or more — Leave to appeal required — No issue of principle — No issue of public importance — No reasonably clear injustice — Extension of time and leave to appeal refused
Quick Take
1Where the relief sought on appeal is rectification of the ASIC register of companies — relief with no readily ascertainable monetary value — the $100,000 threshold under s 101(2)(r)(ii) of the Supreme Court Act 1970 (NSW) is not met merely because the applicant identifies commercial opportunities it might pursue after a successful appeal; those opportunities are supplementary to the appeal and do not constitute a claim or question amounting to $100,000 or more.
2The use of the terms 'externally administered', 'external administrator' and 'receiver manager' on the ASIC register in relation to a company whose property is subject to a receivership is not misleading when regard is had to the definitions in ss 9, 5-15 and 5-20 of the Corporations Act 2001 (Cth), which make clear that a receiver and manager can only be appointed over property and that such an appointment does not constitute external administration of the company itself.
3Sufficient information is provided on the ASIC register — including document identification numbers for lodged forms — to enable a reasonable reader to interrogate the register and ascertain the precise nature of an external administration or controllership affecting a company; the fact that some users choose not to interrogate further does not render the register misleading.
