In the matter of Intersnack Mid Co Pty Ltd (No 2) [2024] NSWSC 9

In the matter of Intersnack Mid Co Pty Ltd (No 2) [2024] NSWSC 9

The Court approved the schemes of arrangement as all statutory and procedural requirements were met, shareholder and creditor interests were not prejudiced, consultation with employees and their representatives was adequate and unopposed, ASIC had no objection, the schemes were fair and reasonable as required by law, and any transfer of employee agreements and rights was valid under statutory and case law authorities.

Jurisdiction
Australia
Judgment Date
22 January 2024
Procedural Posture
Application Under Corporations Act 2001 (cth) Ss 411, 413 – Schemes of Arrangement / Second Court Hearing – Application for Approval of Schemes of Arrangement
Outcome
Orders made approving the schemes of arrangement.
Legal Topics
['schemes of Arrangement' 'internal Corporate Reconstruction' 'employee Entitlements Under Transfer' 'court Approval of Schemes']
['corporations Law' 'equity'] ['schemes of Arrangement' 'internal Corporate Reconstruction' 'employee Entitlements Under Transfer' 'court Approval of Schemes']

Case Brief

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Procedural Posture

Application Under Corporations Act 2001 (cth) Ss 411, 413 – Schemes of Arrangement / Second Court Hearing – Application for Approval of Schemes of Arrangement

Legal Issues

  1. 1 ['Whether the formal and procedural requirements for approval of the schemes of arrangement under ss 411 and 413 of the Corporations Act 2001 (Cth) have been satisfied' 'Whether conditions precedent and subsequent to the schemes were met or waived' 'Whether the schemes are fair and reasonable as required under law' 'Whether approval should be refused because of the effect on employees, creditors or third parties' 'Whether the Court should make orders under s 413(1) to transfer contracts and enterprise agreements']

Ratio Decidendi

The Court approved the schemes of arrangement as all statutory and procedural requirements were met, shareholder and creditor interests were not prejudiced, consultation with employees and their representatives was adequate and unopposed, ASIC had no objection, the schemes were fair and reasonable as required by law, and any transfer of employee agreements and rights was valid under statutory and case law authorities.

Court Disposition

Orders made approving the schemes of arrangement.

Orders

  • ['Schemes of arrangement between each Plaintiff and its shareholders are approved under ss 411 and 413 of the Corporations Act 2001 (Cth).' 'Orders made for the transfer of undertaking, property, liabilities (including contracts and enterprise agreements) from Plaintiffs to Defendants as specified under the...