Section 588FF(3) – the exclusive source of power to extend the time for bringing voidable transactions proceedings

In Grant Samuel Corporate Finance Pty Limited v Fletcher, the High Court of Australia has held that the bringing of an application within the time required by s 588FF(3) of the Corporations Act 2001 (Cth) is a precondition to the court’s jurisdiction under s 588FF(1) and that the only power to vary the time period in s 588FF(3)(a) is that given by s 588FF(3)(b). The High Court further held that the para (b) power cannot be supplemented, nor varied, by rules of procedure of the court to which an application for extension of time is made because s 588FF(3) “otherwise provides” within the meaning of s 79 of the Judiciary Act 1903 (Cth). Read about the case here.