iProperty Group Limited, in the matter of iProperty Group Limited (No 2) [2016] FCA 36

iProperty Group Limited, in the matter of iProperty Group Limited (No 2) [2016] FCA 36

The scheme of arrangement is approved as fair and reasonable and complies with statutory requirements, with procedural irregularities sufficiently addressed and not causing substantial injustice. The amendment to the definition of 'Excluded Shareholder' is appropriate, and exemption from statutory compliance for affected shareholders is granted.

Parties
Plaintiff: iProperty Group Limited; Interested Party: REA Group Limited; Interested Party: Austin Rollco Limited; Interested Party: realestate.com.au Pty Limited
Jurisdiction
Australia
Judgment Date
02 February 2016
Procedural Posture
Scheme of Arrangement / Second Court Hearing
Outcome
scheme of arrangement approved
Legal Topics
Scheme of Arrangement, Procedural Irregularity, Corporate Insolvency
Corporations Law Scheme of Arrangement Procedural Irregularity Corporate Insolvency

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 12 Party arguments 2 Amounts and remedies 5
Sign in to unlock

Parties

iProperty Group Limited

Plaintiff

REA Group Limited

Interested Party

Austin Rollco Limited

Interested Party

realestate.com.au Pty Limited

Interested Party

Procedural Posture

Scheme of Arrangement / Second Court Hearing

Legal Issues

  1. 1 Whether the scheme of arrangement between iProperty Group Limited and its shareholders should be approved under the Corporations Act 2001 (Cth)
  2. 2 Whether the procedural non-compliance regarding shareholders with addresses in Malaysia invalidates the scheme meeting
  3. 3 Whether the definition of 'Excluded Shareholder' should be amended under s 411(6)

Ratio Decidendi

The scheme of arrangement is approved as fair and reasonable and complies with statutory requirements, with procedural irregularities sufficiently addressed and not causing substantial injustice. The amendment to the definition of 'Excluded Shareholder' is appropriate, and exemption from statutory compliance for affected shareholders is granted.

Court Disposition

scheme of arrangement approved

Orders

  • The scheme of arrangement between iProperty Group Limited and holders of fully paid ordinary shares is approved with amendment to the definition of 'Excluded Shareholder'.
  • iProperty Group Limited is exempted from compliance with s 411(11) of the Corporations Act in relation to the Scheme.