In the matter of DUET Finance Limited; In the matter of DUET Company Limited; In the matter of DUET Investment Holdings Limited; In the matter of DUET Finance Limited as responsible entity of DUET Finance Trust [2017] NSWSC 912

In the matter of DUET Finance Limited; In the matter of DUET Company Limited; In the matter of DUET Investment Holdings Limited; In the matter of DUET Finance Limited as responsible entity of DUET Finance Trust [2017] NSWSC 912

The Court approved the company schemes and gave judicial advice in respect of the trust scheme because the schemes were approved by the requisite and significant majorities, ASIC had no objection, the statutory and procedural requirements were complied with in substance, the minor amendment and dispatch discrepancy were immaterial, no opposition appeared, and the schemes were fair and reasonable and supported by securityholders acting in good faith in their commercial interests.

Jurisdiction
Australia
Judgment Date
28 April 2017
Procedural Posture
Applications for Approval of Company Schemes of Arrangement and for Judicial Advice in Respect of a Trust Scheme / Second Court Hearing
Outcome
The Court approved the proposed company schemes of arrangement pursuant to s 411 of the Corporations Act 2001 (Cth) and advised that the responsible entity would be justified in implementing the proposed trust scheme.
Legal Topics
['schemes of Arrangement' 'managed Investment Scheme' 'judicial Advice' 'approval of Schemes' 'trust Scheme']
['corporations' 'trusts'] ['schemes of Arrangement' 'managed Investment Scheme' 'judicial Advice' 'approval of Schemes' 'trust Scheme']

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Procedural Posture

Applications for Approval of Company Schemes of Arrangement and for Judicial Advice in Respect of a Trust Scheme / Second Court Hearing

Legal Issues

  1. 1 ['Whether the Court should approve the proposed company schemes of arrangement under s 411 of the Corporations Act 2001 (Cth).' 'Whether the responsible entity would be justified in implementing the proposed trust scheme approved by unitholders.' 'Whether minor deviations in the scheme materials and dispatch process affected approval of the schemes.']

Ratio Decidendi

The Court approved the company schemes and gave judicial advice in respect of the trust scheme because the schemes were approved by the requisite and significant majorities, ASIC had no objection, the statutory and procedural requirements were complied with in substance, the minor amendment and dispatch discrepancy were immaterial, no opposition appeared, and the schemes were fair and reasonable and supported by securityholders acting in good faith in their commercial interests.

Court Disposition

The Court approved the proposed company schemes of arrangement pursuant to s 411 of the Corporations Act 2001 (Cth) and advised that the responsible entity would be justified in implementing the proposed trust scheme.

Orders

  • ['In proceedings 2017/00063852, orders made in accordance with the short minutes of order initialled by the Court and placed in the file.' 'In proceedings 2017/00063853, orders made in accordance with the short minutes of order initialled by the Court and placed in the file.' 'In proceedings 2017/00063854, orders...