Brambles Industries Ltd, in the matter of Brambles Industries Ltd and the Corporations Act 2001 (Cth) (No 2) [2006] FCA 1719

The court approved the scheme of arrangement because all conditions precedent were satisfied or waived, the statutory majorities were met, ASIC had no objection, and there was no purpose to avoid Chapter 6 of the Act.

Parties: Plaintiff: Brambles Industries Limited
Jurisdiction: Australia
Judgment Date: 08 December 2006
Procedural Posture: Scheme of Arrangement Approval / Second Court Hearing; Approval and Exemption Orders
Outcome: Scheme of Arrangement approved and exemption granted
Legal Topics: Schemes of Arrangement, Shareholder Meetings, Approval Process

Corporations Law Schemes of Arrangement Shareholder Meetings Approval Process

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Parties

Brambles Industries Limited

Plaintiff

Procedural Posture

Scheme of Arrangement Approval / Second Court Hearing; Approval and Exemption Orders

Legal Issues

1 Whether the Scheme of Arrangement between Brambles Industries Ltd and its members should be approved under s 411(4) of the Corporations Act 2001 (Cth)
2 Whether exemption from s 411(11) under s 411(12) should be granted

Ratio Decidendi

Court Disposition

Scheme of Arrangement approved and exemption granted

Orders

Pursuant to s 411(4) of the Corporations Act 2001 (Cth), the Scheme of Arrangement between the plaintiff and its members be approved.
Pursuant to s 411(12) of the Act, the plaintiff be exempt from compliance with s 411(11) in relation to the Scheme.