Australian Unity Funds Management Limited v NorthWest Healthcare Australia Re Limited [2021] NSWSC 731

Australian Unity Funds Management Limited v NorthWest Healthcare Australia Re Limited [2021] NSWSC 731

The Court found it had power under s 1322(4) of the Corporations Act to adjourn the meeting, that it was just and equitable to do so to ensure unitholders were properly informed, and that an adjournment to 19 July 2021 balanced the interests of all parties without causing substantial injustice.

Parties
Plaintiff/first Cross Defendant: Australian Unity Funds Management Limited; Defendant/cross Claimant: NorthWest Healthcare Australia Re Limited; Second Cross Defendant: Australian Unity Strategic Holdings Pty Limited; Third Cross Defendant: Australian Unity Limited; Fourth Cross Defendant: Dexus Funds Management Limited
Jurisdiction
Australia
Judgment Date
17 June 2021
Procedural Posture
Equity Corporations List / Interlocutory Application Regarding Adjournment of Meeting
Outcome
Order for adjournment granted
Legal Topics
Meeting of Members, Adjournment of Meeting, Court Power Under S 1322 Corporations Act, Just and Equitable Orders
Corporations Law Meeting of Members Adjournment of Meeting Court Power Under S 1322 Corporations Act Just and Equitable Orders

Case Brief

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Parties

Australian Unity Funds Management Limited

Plaintiff/first Cross Defendant

NorthWest Healthcare Australia Re Limited

Defendant/cross Claimant

Australian Unity Strategic Holdings Pty Limited

Second Cross Defendant

Australian Unity Limited

Third Cross Defendant

Dexus Funds Management Limited

Fourth Cross Defendant

Procedural Posture

Equity Corporations List / Interlocutory Application Regarding Adjournment of Meeting

Legal Issues

  1. 1 Whether the Court has power to adjourn meeting of members under s 1322 of the Corporations Act
  2. 2 Whether it is just and equitable to adjourn the meeting
  3. 3 Whether substantial injustice would be caused by the adjournment

Ratio Decidendi

The Court found it had power under s 1322(4) of the Corporations Act to adjourn the meeting, that it was just and equitable to do so to ensure unitholders were properly informed, and that an adjournment to 19 July 2021 balanced the interests of all parties without causing substantial injustice.

Court Disposition

Order for adjournment granted

Orders

  • The meeting of the AUHPT called by NorthWest, scheduled for 1 July 2021, is adjourned to 10am on 19 July 2021, to take place at 123 Collins Street, Melbourne, or by alternative means as agreed or approved by the Court.
  • The hearing scheduled to commence on 22 June 2021 is vacated, and the matter is allocated for hearing commencing about 20 July 2021 after the meeting.