In the matter of BCD Resources NL (Subject to Deed of Company Arrangement) [2018] NSWSC 1605

In the matter of BCD Resources NL (Subject to Deed of Company Arrangement) [2018] NSWSC 1605

The shares have no current residual value and no realistic prospect of any future value. Shareholders are not prejudiced by the transfer as they would receive nothing in liquidation. Leave under s 444GA is granted to transfer all issued shares in BCD Resources NL to Moina Gold Pty Ltd as requested.

Jurisdiction
Australia
Judgment Date
23 October 2018
Procedural Posture
Corporations Application for Leave to Transfer Shares Under Deed of Company Arrangement / Final Orders
Outcome
Leave granted for transfer of all issued shares in BCD Resources NL to Moina Gold Pty Ltd
Legal Topics
['voluntary Administration' 'deed of Company Arrangement' 'share Transfer' 'approval Under Corporations Act S 444 Ga']
['corporations Law'] ['voluntary Administration' 'deed of Company Arrangement' 'share Transfer' 'approval Under Corporations Act S 444 Ga']

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Procedural Posture

Corporations Application for Leave to Transfer Shares Under Deed of Company Arrangement / Final Orders

Legal Issues

  1. 1 ['Whether Court should grant leave under Corporations Act 2001 (Cth), s 444GA, for transfer of all issued shares in BCD Resources NL to Moina Gold Pty Ltd' 'Whether transfer of shares would unfairly prejudice the interests of members of the company']

Ratio Decidendi

The shares have no current residual value and no realistic prospect of any future value. Shareholders are not prejudiced by the transfer as they would receive nothing in liquidation. Leave under s 444GA is granted to transfer all issued shares in BCD Resources NL to Moina Gold Pty Ltd as requested.

Court Disposition

Leave granted for transfer of all issued shares in BCD Resources NL to Moina Gold Pty Ltd

Orders

  • ['Leave granted to Plaintiff pursuant to Corporations Act 2001 (Cth), s 444GA, to transfer all issued shares in BCD Resources NL ACN 057 793 834 to Moina Gold Pty Ltd ACN 607 767 055 in accordance with the Deed of Company Arrangement.' 'Plaintiff may execute on behalf of the Members share transfer forms and other...