In the matter of Irongate Funds Management Limited as responsible entity for Irongate Property Fund I and Irongate Property Fund II (No 2) [2022] NSWSC 959

In the matter of Irongate Funds Management Limited as responsible entity for Irongate Property Fund I and Irongate Property Fund II (No 2) [2022] NSWSC 959

Given substantial majorities approving all relevant resolutions by eligible IAP securityholders with proper procedure followed, and no opposition at the hearing, the responsible entity is justified in implementing the trust scheme and consequential constitutional amendments.

Jurisdiction
Australia
Judgment Date
19 July 2022
Procedural Posture
Application for Judicial Advice / Approval of Scheme / Second Court Hearing Post Unitholders' Approval
Outcome
Plaintiff justified in implementing trust scheme and constitutional amendments
Legal Topics
['schemes of Arrangement' 'trust Schemes' 'judicial Advice' 'arrangements and Reconstructions']
['corporations' 'trusts' 'equity'] ['schemes of Arrangement' 'trust Schemes' 'judicial Advice' 'arrangements and Reconstructions']

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Procedural Posture

Application for Judicial Advice / Approval of Scheme / Second Court Hearing Post Unitholders' Approval

Legal Issues

  1. 1 ['Whether the responsible entity is justified in implementing the trust scheme approved by unitholders' 'Whether all procedural requirements for the scheme approval and implementation have been satisfied']

Ratio Decidendi

Given substantial majorities approving all relevant resolutions by eligible IAP securityholders with proper procedure followed, and no opposition at the hearing, the responsible entity is justified in implementing the trust scheme and consequential constitutional amendments.

Court Disposition

Plaintiff justified in implementing trust scheme and constitutional amendments

Orders

  • ['Plaintiff justified in giving effect to and implementing trust scheme as approved by unitholders' 'Plaintiff justified in giving effect to consequential constitutional amendments of Irongate Property Fund I and II']