CMPS&F Pty Ltd v Crooks Michell Ltd & Anor [1997] FCA 745

CMPS&F Pty Ltd v Crooks Michell Ltd & Anor [1997] FCA 745

In circumstances where the scheme of arrangement has lost all practical utility due to intervening shareholder-approved transactions, the Court has power under s 1319 of the Corporations Law to make a consequential order vacating previous orders for convening meetings.

Jurisdiction
Australia
Judgment Date
22 July 1997
Procedural Posture
Corporations Law Application for Scheme of Arrangement / Application to Revoke Previous Order for Convening Meetings
Outcome
Application granted; all previous orders regarding convening meetings are vacated and proceedings dismissed.
Legal Topics
['scheme of Arrangement' 'revocation of Court Orders' 'directions Under S 1319 Corporations Law']
['corporations Law'] ['scheme of Arrangement' 'revocation of Court Orders' 'directions Under S 1319 Corporations Law']

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Procedural Posture

Corporations Law Application for Scheme of Arrangement / Application to Revoke Previous Order for Convening Meetings

Legal Issues

  1. 1 ['Whether the Court has power to revoke an order convening meetings of a company for a scheme of arrangement after notice of the meetings has been given' 'Under what circumstances is it appropriate to revoke such an order']

Ratio Decidendi

In circumstances where the scheme of arrangement has lost all practical utility due to intervening shareholder-approved transactions, the Court has power under s 1319 of the Corporations Law to make a consequential order vacating previous orders for convening meetings.

Court Disposition

Application granted; all previous orders regarding convening meetings are vacated and proceedings dismissed.

Orders

  • ['All previous orders made in the proceedings in relation to the convening of meetings of the applicant, or of classes of shareholders of the applicant, be vacated' 'The proceedings be dismissed']