In the matter of Beyond International Limited (No 2) [2022] NSWSC 1787

In the matter of Beyond International Limited (No 2) [2022] NSWSC 1787

The procedural requirements for approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) were satisfied, scheme participants voted in favour by requisite majorities, full disclosure occurred, ASIC raised no objection, and no shareholder opposed; approval was an appropriate exercise of discretion.

Jurisdiction
Australia
Judgment Date
27 December 2022
Procedural Posture
Scheme of Arrangement Application / Approval Hearing
Outcome
Scheme of arrangement approved
Legal Topics
['schemes of Arrangement' 'arrangements and Reconstructions' 'approval of Scheme']
['corporations Law'] ['schemes of Arrangement' 'arrangements and Reconstructions' 'approval of Scheme']

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Procedural Posture

Scheme of Arrangement Application / Approval Hearing

Legal Issues

  1. 1 ['Whether the procedural requirements for approving a scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) have been satisfied' 'Whether approval of scheme of arrangement should be exercised']

Ratio Decidendi

The procedural requirements for approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) were satisfied, scheme participants voted in favour by requisite majorities, full disclosure occurred, ASIC raised no objection, and no shareholder opposed; approval was an appropriate exercise of discretion.

Court Disposition

Scheme of arrangement approved

Orders

  • ['Scheme of arrangement between Beyond International Limited and its shareholders approved under s 411(4) of the Corporations Act 2001 (Cth)' "Exemption from annexing scheme to Beyond's constitution granted"]