Dickerson, in the matter of McWilliam's Wines Group Ltd (subject to Deed of Company Arrangement) (No 3) [2020] FCA 1564

Dickerson, in the matter of McWilliam's Wines Group Ltd (subject to Deed of Company Arrangement) (No 3) [2020] FCA 1564

Leave to transfer the shares was granted under s 444GA(1)(b) as the transfer did not unfairly prejudice the interests of members; if not approved, liquidation would occur, providing no returns to members, whereas the DOCA offers a prospect of distribution and better outcome for creditors. Notice and information were properly provided, and no party opposed.

Jurisdiction
Australia
Judgment Date
19 October 2020
Procedural Posture
Application for Leave to Transfer Shares Under S 444 GA of the Corporations Act 2001 (cth) / Interlocutory Process Determination
Outcome
Application granted, leave given under s 444GA and related orders under s 447A and s 90-15
Legal Topics
['deed of Company Arrangement' 'transfer of Shares' "creditors' Trust" 'unfair Prejudice to Members' 'liquidation']
['bankruptcy and Insolvency' 'corporations Law'] ['deed of Company Arrangement' 'transfer of Shares' "creditors' Trust" 'unfair Prejudice to Members' 'liquidation']

Case Brief

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Procedural Posture

Application for Leave to Transfer Shares Under S 444 GA of the Corporations Act 2001 (cth) / Interlocutory Process Determination

Legal Issues

  1. 1 ['Whether leave should be granted to transfer all issued shares from members to MCW under s 444GA(1)(b) of the Corporations Act 2001 (Cth)' 'Whether the transfer would unfairly prejudice interests of members of the company']

Ratio Decidendi

Leave to transfer the shares was granted under s 444GA(1)(b) as the transfer did not unfairly prejudice the interests of members; if not approved, liquidation would occur, providing no returns to members, whereas the DOCA offers a prospect of distribution and better outcome for creditors. Notice and information were properly provided, and no party opposed.

Court Disposition

Application granted, leave given under s 444GA and related orders under s 447A and s 90-15

Orders

  • ["First applicants granted leave to transfer all issued shares in McWilliam's to MCW or its nominee under s 444GA(1)(b) of the Corporations Act 2001 (Cth)" 'First applicants authorised under s 447A(1)/s 90-15(1) to execute share transfer forms and effect entry of MCW or its nominee into register of members'...