In the matter of Ovato Print Pty Ltd [2020] NSWSC 1709

In the matter of Ovato Print Pty Ltd [2020] NSWSC 1709

The subpoenas lacked a proper forensic purpose as the information sought about noteholders was not directly relevant to any issue before the Court in the scheme proceedings, because noteholders were not creditors participating in the scheme; their vote was merely a condition precedent and outside the scheme itself.

Parties
First Applicant: Ovato Print Pty Ltd; Second Applicant: Ovato Limited; Third Applicant: Hannanprint NSW Pty Limited; Fourth Applicant: Hannanprint Victoria Pty Limited; Fifth Applicant: Inprint Pty Limited
Jurisdiction
Australia
Judgment Date
27 November 2020
Procedural Posture
Scheme of Arrangement Interlocutory Application / Application for Leave to Issue Subpoenas
Outcome
Leave to file and serve subpoenas not granted
Legal Topics
Subpoenas, Scheme of Arrangement, Standing of Noteholders, Proper Purpose of Subpoenas
Civil Procedure Corporations Law Subpoenas Scheme of Arrangement Standing of Noteholders Proper Purpose of Subpoenas

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Parties

Ovato Print Pty Ltd

First Applicant

Ovato Limited

Second Applicant

Hannanprint NSW Pty Limited

Third Applicant

Hannanprint Victoria Pty Limited

Fourth Applicant

Inprint Pty Limited

Fifth Applicant

Procedural Posture

Scheme of Arrangement Interlocutory Application / Application for Leave to Issue Subpoenas

Legal Issues

  1. 1 Whether there was a proper forensic purpose for subpoenas to compel disclosure of the identity of noteholders in the context of a scheme of arrangement where the noteholders were not scheme creditors
  2. 2 Whether the subpoenas sought documents with sufficient relevance to issues in the scheme proceedings

Ratio Decidendi

The subpoenas lacked a proper forensic purpose as the information sought about noteholders was not directly relevant to any issue before the Court in the scheme proceedings, because noteholders were not creditors participating in the scheme; their vote was merely a condition precedent and outside the scheme itself.

Court Disposition

Leave to file and serve subpoenas not granted

Orders

  • Application for leave to issue subpoenas to FIIG Securities Pty Limited and Tozer & Co Pty Limited refused.
  • Question of abridging the time for service of the subpoenas does not arise.