Australian Executor Trustees Ltd v Provident Capital Ltd (No 4) [2012] FCA 1506

Australian Executor Trustees Ltd v Provident Capital Ltd (No 4) [2012] FCA 1506

The Court found that the process of notice and voting by debenture holders was adequate, the majority approved the amendment, and the payment waterfall should be amended as proposed. Receivers and trustee are justified in acting on the amendment and making payments per its terms.

Jurisdiction
Australia
Judgment Date
17 December 2012
Procedural Posture
Civil / Final Orders Following Meeting of Debenture Holders
Outcome
Orders made authorising amendment of the Debenture Trust Deed and payment to debenture holders under its amended terms.
Legal Topics
['debenture Trust Deed Amendment' 'payment Waterfall' 'receivership' 'debenture Holder Meeting']
['corporations Law'] ['debenture Trust Deed Amendment' 'payment Waterfall' 'receivership' 'debenture Holder Meeting']

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Procedural Posture

Civil / Final Orders Following Meeting of Debenture Holders

Legal Issues

  1. 1 ['Whether receivers are justified in amending clause 11.5 of the Debenture Trust Deed' 'Whether payments to debenture holders can be made in accordance with the amended deed']

Ratio Decidendi

The Court found that the process of notice and voting by debenture holders was adequate, the majority approved the amendment, and the payment waterfall should be amended as proposed. Receivers and trustee are justified in acting on the amendment and making payments per its terms.

Court Disposition

Orders made authorising amendment of the Debenture Trust Deed and payment to debenture holders under its amended terms.

Orders

  • ['Defendant, by its receivers, authorised to amend clause 11.5 of Debenture Trust Deed as specified.' 'Plaintiff authorised to approve the amendment.' 'Defendant, by its receivers, authorised to make payments to debenture holders in accordance with amended Deed.']