In the matter of CSR Limited (No 2) [2024] NSWSC 792

In the matter of CSR Limited (No 2) [2024] NSWSC 792

The Court was satisfied that all formal and statutory requirements for approval of the scheme had been met, that the scheme was fair and reasonable, that there was no material non-disclosure on asbestos liabilities or other issues, and there were no public policy reasons to withhold approval. Orders were made approving the scheme and granting an exemption under s 411(12) of the Corporations Act 2001 (Cth).

Jurisdiction
Australia
Judgment Date
26 June 2024
Procedural Posture
Originating Process Scheme of Arrangement / Second Court Hearing Approval of Scheme of Arrangement
Outcome
Scheme of arrangement approved. Associated exemption granted under s 411(12).
Legal Topics
['scheme of Arrangement' 'arrangements and Reconstructions' 'court Approval' 'disclosure' 'asbestos Related Liabilities']
['corporations Law' 'equity'] ['scheme of Arrangement' 'arrangements and Reconstructions' 'court Approval' 'disclosure' 'asbestos Related Liabilities']

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Procedural Posture

Originating Process Scheme of Arrangement / Second Court Hearing Approval of Scheme of Arrangement

Legal Issues

  1. 1 ['Whether formal requirements under s 411 of the Corporations Act 2001 (Cth) were satisfied for approval of a scheme of arrangement' 'Whether the scheme of arrangement is fair and reasonable and should be approved by the Court' 'Whether proper disclosure has been made to shareholders regarding asbestos-related liabilities' 'Whether any policy reasons preclude approval of the scheme']

Ratio Decidendi

The Court was satisfied that all formal and statutory requirements for approval of the scheme had been met, that the scheme was fair and reasonable, that there was no material non-disclosure on asbestos liabilities or other issues, and there were no public policy reasons to withhold approval. Orders were made approving the scheme and granting an exemption under s 411(12) of the Corporations Act 2001 (Cth).

Court Disposition

Scheme of arrangement approved. Associated exemption granted under s 411(12).

Orders

  • ['Orders approving the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth)' "Exemption under s 411(12) from compliance with s 411(11) granted so that Court order need not be annexed to any copy of CSR's constitution issued in future"]