In the matter of E&P Investments Limited as responsible entity for CD Private Equity Fund I, CD Private Equity Fund II, CD Private Equity Fund III and CD Private Equity Fund IV [2022] NSWSC 1442

In the matter of E&P Investments Limited as responsible entity for CD Private Equity Fund I, CD Private Equity Fund II, CD Private Equity Fund III and CD Private Equity Fund IV [2022] NSWSC 1442

The responsible entity is justified in propounding resolutions to implement the trust schemes and proceeding on the basis that proposed constitutional amendments to the funds are within its constitutional powers of alteration and s 601GC of the Corporations Act. The trust schemes are suitable for unitholder and court consideration.

Jurisdiction
Australia
Judgment Date
24 October 2022
Procedural Posture
Application for Judicial Advice (corporations/equity) / First Hearing—application for Orders to Convene Scheme Meetings and Approve Scheme Booklet for Distribution
Outcome
Order made convening scheme meetings and approving the scheme booklet for distribution. Judicial advice given as sought.
Legal Topics
['trust Schemes' 'judicial Advice' 'amendment of Trust Constitutions' 'scheme of Arrangement Analogy' 'asic and ASX Regulatory Relief']
['corporations Law' 'equity' 'managed Investment Schemes'] ['trust Schemes' 'judicial Advice' 'amendment of Trust Constitutions' 'scheme of Arrangement Analogy' 'asic and ASX Regulatory Relief']

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Procedural Posture

Application for Judicial Advice (corporations/equity) / First Hearing—application for Orders to Convene Scheme Meetings and Approve Scheme Booklet for Distribution

Legal Issues

  1. 1 ['Whether the responsible entity would be justified in propounding resolutions to implement the proposed trust schemes' 'Whether proposed amendments are within the constitutional powers of alteration and under s 601GC of the Corporations Act' 'Suitability of trust scheme for unitholder consideration and for ultimate court approval']

Ratio Decidendi

The responsible entity is justified in propounding resolutions to implement the trust schemes and proceeding on the basis that proposed constitutional amendments to the funds are within its constitutional powers of alteration and s 601GC of the Corporations Act. The trust schemes are suitable for unitholder and court consideration.

Court Disposition

Order made convening scheme meetings and approving the scheme booklet for distribution. Judicial advice given as sought.

Orders

  • ['Scheme meetings to be convened for Fund unitholders consideration of trust schemes and amendments' 'Scheme booklet approved for distribution to unitholders' 'Judicial advice given that responsible entity is justified in proceeding with relevant resolutions and actions to implement the proposal' 'Costs orders as...