Barrick (Lawlers) Pty Ltd v Barrick Mining Company (Australia) Pty Ltd, in the matter of Barrick (Lawlers) Pty Ltd (No 2) [2016] FCA 110

Barrick (Lawlers) Pty Ltd v Barrick Mining Company (Australia) Pty Ltd, in the matter of Barrick (Lawlers) Pty Ltd (No 2) [2016] FCA 110

Court was satisfied schemes of arrangement complied with statutory requirements and were fair; liabilities, including workers' compensation claims, would be assumed by transferee company; no objections from ASIC or creditors; schemes approved.

Parties
First Plaintiff: Barrick (Lawlers) Pty Ltd; Second Plaintiff: Barrick (Plutonic) Pty Ltd; Third Plaintiff: Barrick Mining Services Pty Ltd; Fourth Plaintiff: Barrick (Darlot) Pty Ltd; Defendant: Barrick Mining Company (Australia) Pty Ltd
Jurisdiction
Australia
Judgment Date
05 February 2016
Procedural Posture
Corporations Scheme of Arrangement / Second Court Hearing; Approval of Scheme
Outcome
Schemes of arrangement approved; consequential orders made
Legal Topics
Schemes of Arrangement, Corporate Reconstruction, Amalgamation, Corporate Insolvency
Corporations Law Schemes of Arrangement Corporate Reconstruction Amalgamation Corporate Insolvency

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Parties

Barrick (Lawlers) Pty Ltd

First Plaintiff

Barrick (Plutonic) Pty Ltd

Second Plaintiff

Barrick Mining Services Pty Ltd

Third Plaintiff

Barrick (Darlot) Pty Ltd

Fourth Plaintiff

Barrick Mining Company (Australia) Pty Ltd

Defendant

Procedural Posture

Corporations Scheme of Arrangement / Second Court Hearing; Approval of Scheme

Legal Issues

  1. 1 Whether court should approve schemes of arrangement under s 411(4)(b) Corporations Act 2001 (Cth)
  2. 2 Compliance with procedural and statutory requirements for schemes approval
  3. 3 Treatment of long-tail liabilities in scheme

Ratio Decidendi

Court was satisfied schemes of arrangement complied with statutory requirements and were fair; liabilities, including workers' compensation claims, would be assumed by transferee company; no objections from ASIC or creditors; schemes approved.

Court Disposition

Schemes of arrangement approved; consequential orders made

Orders

  • Schemes of arrangement between each plaintiff and defendant approved under s 411(4)(b) Corporations Act 2001 (Cth)
  • Plaintiffs exempted from compliance with s 411(11) of the Act