In the matter of Boart Longyear Limited [2021] NSWSC 1269

In the matter of Boart Longyear Limited [2021] NSWSC 1269

The schemes satisfied all statutory prerequisites and procedural requirements under s 411; the statutory majorities in favour were achieved; the schemes are fair and reasonable, not oppressive; independent experts endorse their benefits; ASIC indicated no objection; no party opposed the schemes; therefore, the schemes were approved.

Jurisdiction
Australia
Judgment Date
30 September 2021
Procedural Posture
Scheme of Arrangement (corporations) / Second Court Hearing, Approval of Scheme
Outcome
Orders made approving creditors' schemes of arrangement.
Legal Topics
['schemes of Arrangement' 'arrangements and Reconstructions' 'creditor Rights' 'recapitalisation']
['corporations Law'] ['schemes of Arrangement' 'arrangements and Reconstructions' 'creditor Rights' 'recapitalisation']

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Procedural Posture

Scheme of Arrangement (corporations) / Second Court Hearing, Approval of Scheme

Legal Issues

  1. 1 ["Whether creditors' schemes of arrangement should be approved under s 411 of the Corporations Act 2001 (Cth)" 'Whether procedural and statutory requirements for the scheme were satisfied' 'Whether the schemes are fair and reasonable and not oppressive to minorities' 'Whether the schemes offend public policy or disproportionately affect third parties']

Ratio Decidendi

The schemes satisfied all statutory prerequisites and procedural requirements under s 411; the statutory majorities in favour were achieved; the schemes are fair and reasonable, not oppressive; independent experts endorse their benefits; ASIC indicated no objection; no party opposed the schemes; therefore, the schemes were approved.

Court Disposition

Orders made approving creditors' schemes of arrangement.

Orders

  • ["Approval of both secured and unsecured creditors' schemes of arrangement under s 411 of the Corporations Act 2001 (Cth)."]