In the matter of Ten Network Holdings Limited (subject to a deed of company arrangement) (receivers and managers appointed) [2017] NSWSC 1323

In the matter of Ten Network Holdings Limited (subject to a deed of company arrangement) (receivers and managers appointed) [2017] NSWSC 1323

Directions were appropriate to ensure procedural fairness while recognising the commercial urgency of the application. Provisions for evidence, release of the independent expert's report, and notice to shareholders, with liberty to apply and the possibility to adjust the timetable, strike a fair balance. Three business days is not unfair, given the context.

Jurisdiction
Australia
Judgment Date
27 September 2017
Procedural Posture
Corporations Voluntary Administration Court Directions / Application for Directions and Procedural Orders Prior to Hearing Under S 444 GA Corporations Act 2001 (cth)
Outcome
Directions made for the conduct and timetable of the application under s 444GA Corporations Act 2001 (Cth).
Legal Topics
['voluntary Administration' 'deed of Company Arrangement' 'transfer of Shares' 'court Directions' 's 444 GA Corporations Act 2001 (cth)' 'procedural Orders']
['corporations Law'] ['voluntary Administration' 'deed of Company Arrangement' 'transfer of Shares' 'court Directions' 's 444 GA Corporations Act 2001 (cth)' 'procedural Orders']

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Procedural Posture

Corporations Voluntary Administration Court Directions / Application for Directions and Procedural Orders Prior to Hearing Under S 444 GA Corporations Act 2001 (cth)

Legal Issues

  1. 1 ['Should the Court make directions for the conduct and timetable of the application for leave to transfer shares under s 444GA Corporations Act 2001 (Cth)?' 'What is an appropriate timetable for service of evidence and notification to interested persons and shareholders?' 'Does the proposed timetable provide procedural fairness to shareholders and interested persons?']

Ratio Decidendi

Directions were appropriate to ensure procedural fairness while recognising the commercial urgency of the application. Provisions for evidence, release of the independent expert's report, and notice to shareholders, with liberty to apply and the possibility to adjust the timetable, strike a fair balance. Three business days is not unfair, given the context.

Court Disposition

Directions made for the conduct and timetable of the application under s 444GA Corporations Act 2001 (Cth).

Orders

  • ['Application for relief under s 444GA listed for tentative hearing commencing 31 October 2017 for up to three days.' 'Plaintiffs to file and serve evidence on ASIC by 10 October 2017.' "Plaintiffs to make independent expert's report available to shareholders and market by 10 October 2017 and notify relevant parties...