Mulvaney, B N v Rob Wintulich Pty Ltd & Ors [1995] FCA 826

Mulvaney, B N v Rob Wintulich Pty Ltd & Ors [1995] FCA 826

The Court has wide discretion under s447A to permit variation of a deed of company arrangement, even if not achieved through a creditor meeting, where the interests of creditors are not affected and affected shareholders have consented, and practical considerations make such variation appropriate.

Jurisdiction
Australia
Judgment Date
16 October 1995
Procedural Posture
Application to Vary Deed of Company Arrangement / Ex Tempore Decision
Outcome
Application granted; deed varied as sought.
Legal Topics
['external Administration' 'deed of Company Arrangement' 'variation of Deed' 'exercise of Court Discretion']
['corporations Law' 'insolvency'] ['external Administration' 'deed of Company Arrangement' 'variation of Deed' 'exercise of Court Discretion']

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Procedural Posture

Application to Vary Deed of Company Arrangement / Ex Tempore Decision

Legal Issues

  1. 1 ['Extent of operation of s445G of Corporations Law' 'Width of discretion conferred by s447A' 'Appropriate exercise of discretion to vary deed']

Ratio Decidendi

The Court has wide discretion under s447A to permit variation of a deed of company arrangement, even if not achieved through a creditor meeting, where the interests of creditors are not affected and affected shareholders have consented, and practical considerations make such variation appropriate.

Court Disposition

Application granted; deed varied as sought.

Orders

  • ['Service of the notice of motion dated 13 October 1995 is dispensed with.' 'The deed of company arrangement executed on 19 September 1995 is varied by deleting clause 3B.1 and replacing it as specified in the order.']