Andean Resources Limited, in the matter of Andean Resources Limited (No 2) [2010] FCA 1397

Andean Resources Limited, in the matter of Andean Resources Limited (No 2) [2010] FCA 1397

The scheme of arrangement was overwhelmingly approved by shareholders, there was compliance with substantive and procedural requirements, no opposition or public policy ground against approval, and a procedural irregularity was justified and not invalidating. Orders are appropriate.

Source-derived case information.

Parties
Plaintiff: Andean Resources Limited (ACN 064 494 319)
Jurisdiction
Australia
Judgment Date
08 December 2010
Procedural Posture
Scheme of Arrangement Application / Second Court Hearing Approval Under S 411(4)(b) Corporations Act
Outcome
Scheme of arrangement approved; exemption from compliance with s 411(11) granted.
Legal Topics
Scheme of Arrangement, Approval of Scheme, Procedural Compliance
Corporations Law Scheme of Arrangement Approval of Scheme Procedural Compliance

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 5 Authorities cited 9 Party arguments 1 Amounts and remedies 4
Sign in to unlock

Parties

Andean Resources Limited (ACN 064 494 319)

Plaintiff

Procedural Posture

Scheme of Arrangement Application / Second Court Hearing Approval Under S 411(4)(b) Corporations Act

Legal Issues

  1. 1 Whether the scheme of arrangement should be approved under s 411(4)(b) of the Corporations Act
  2. 2 Compliance with procedural requirements and statutory provisions
  3. 3 Whether exemption under s 411(12) from compliance with s 411(11) should be granted

Ratio Decidendi

The scheme of arrangement was overwhelmingly approved by shareholders, there was compliance with substantive and procedural requirements, no opposition or public policy ground against approval, and a procedural irregularity was justified and not invalidating. Orders are appropriate.

Court Disposition

Scheme of arrangement approved; exemption from compliance with s 411(11) granted.

Orders

  • Scheme of arrangement between Andean and shareholders approved pursuant to s 411(4)(b) of the Corporations Act.
  • Exemption from compliance with s 411(11) granted pursuant to s 411(12) of the Corporations Act.