Share certification cutoff date fixed to end an indefinite process and prevent delay in pending claims.

The certification process for shares, which had continued for nearly three years, was held unsuitable for indefinite continuation and was brought to an end by fixing a publicised cutoff date. Delayed applicants were not routed through the Custodian because that would have caused further delay and could prejudice claims; instead, a last date for submission of certification forms was set as the workable method of closure. The process was directed to stop from 1-8-1995, with 31-7-1995 fixed as the final date for filing forms.

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Issues: Whether the certification process for shares, earlier put in place by the Court, should be brought to an end by fixing a last date for acceptance of applications and by requiring public notice of the cutoff date.

Analysis: The certification procedure had been operating for nearly three years, and transfer forms executed in 1992 would no longer remain valid. The continuation of the process indefinitely was found to be inappropriate. The suggested alternative of routing delayed applicants through the Custodian was rejected because it could prejudice claims by consuming further time before certification. A cutoff after public notice was found to be a reasonable and workable method of ending the process.

Conclusion: The application was allowed, the certification process was directed to stop from 1-8-1995, and 31-7-1995 was fixed as the last date for submitting certification forms.

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