Australian Unity Funds Management Limited v NorthWest Healthcare Australia RE Limited [2021] NSWSC 914

Australian Unity Funds Management Limited v NorthWest Healthcare Australia RE Limited [2021] NSWSC 914

The Court has power under s 1322(4)(a) of the Corporations Act 2001 (Cth) to cancel the unitholders meeting, as it is just and equitable and within the scope of consequential orders, where holding the meeting would serve no purpose given the withdrawal of the substantive proposal.

Parties
Plaintiff/first Cross Defendant: Australian Unity Funds Management Limited; Defendant/cross Claimant: NorthWest Healthcare Australia RE Limited
Jurisdiction
Australia
Judgment Date
15 July 2021
Procedural Posture
Equity Corporations List / Consequential Orders
Outcome
Meeting cancelled; declaration made validating advice to unitholders.
Legal Topics
Meeting of Unitholders, Court's Power to Cancel Meeting, Consequential Orders
Corporations Meeting of Unitholders Court's Power to Cancel Meeting Consequential 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

Procedural Posture

Equity Corporations List / Consequential Orders

Legal Issues

  1. 1 Whether the Court has power to cancel a unitholders meeting under s 1322 of the Corporations Act 2001 (Cth)
  2. 2 Whether it is just and equitable to cancel the meeting

Ratio Decidendi

The Court has power under s 1322(4)(a) of the Corporations Act 2001 (Cth) to cancel the unitholders meeting, as it is just and equitable and within the scope of consequential orders, where holding the meeting would serve no purpose given the withdrawal of the substantive proposal.

Court Disposition

Meeting cancelled; declaration made validating advice to unitholders.

Orders

  • Meeting scheduled for 19 July 2021 cancelled.
  • Declaration that advice given by the Defendant on 14 July 2021 is not invalid due to any lack of power under the Corporations Act or trust constitution.