In the matter of InvoCare Limited (No 2) [2023] NSWSC 1350

In the matter of InvoCare Limited (No 2) [2023] NSWSC 1350

The scheme was approved because the evidence established compliance with the Court's convening orders, approval by the statutory majorities, satisfaction or waiver of conditions precedent, ASIC's statement of no objection under s 411(17)(b), no material issue arising from communications or key executive voting, and no reason for the Court to withhold approval in the exercise of its residual discretion.

Jurisdiction
Australia
Judgment Date
08 November 2023
Procedural Posture
Application Under Ss 411 and 1319 of the Corporations Act 2001 (cth) for Approval of a Scheme of Arrangement / Second Court Hearing
Outcome
Orders made approving a scheme of arrangement.
Legal Topics
['schemes of Arrangement' 'arrangements and Reconstructions' 'court Approval Under S 411 of the Corporations Act 2001 (cth)']
['corporations'] ['schemes of Arrangement' 'arrangements and Reconstructions' 'court Approval Under S 411 of the Corporations Act 2001 (cth)']

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Procedural Posture

Application Under Ss 411 and 1319 of the Corporations Act 2001 (cth) for Approval of a Scheme of Arrangement / Second Court Hearing

Legal Issues

  1. 1 ['Whether the statutory conditions for approval of the scheme of arrangement were satisfied' "Whether there was compliance with the Court's orders convening the scheme meeting" 'Whether the resolution to approve the scheme was passed by the requisite statutory majorities' 'Whether the Court should exercise its residual discretion to approve the scheme']

Ratio Decidendi

The scheme was approved because the evidence established compliance with the Court's convening orders, approval by the statutory majorities, satisfaction or waiver of conditions precedent, ASIC's statement of no objection under s 411(17)(b), no material issue arising from communications or key executive voting, and no reason for the Court to withhold approval in the exercise of its residual discretion.

Court Disposition

Orders made approving a scheme of arrangement.

Orders

  • ['The scheme of arrangement was approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).' 'The orders sought by InvoCare were made at the conclusion of the second Court hearing on 3 November 2023.']