Vouris and Tonks as Deed Administrators Of Good Impressions Offset Printers Pty Limited (ACN 002 306 587) [2012] NSWSC 603

Vouris and Tonks as Deed Administrators Of Good Impressions Offset Printers Pty Limited (ACN 002 306 587) [2012] NSWSC 603

The non-inclusion of a s 444DA(1) provision in the deed of company arrangement is approved because it is likely to result in a better outcome for eligible employee creditors as a whole (with full payment and retention of employment), there was de facto consent from continuing employees, and the legislation allows the order to be made after execution of the deed.

Jurisdiction
Australia
Judgment Date
30 May 2012
Procedural Posture
Corporations Deed of Company Arrangement Application / Application for Court Order Under S 444 Da(5) Corporations Act 2001 (cth)
Outcome
Application granted
Legal Topics
['deed of Company Arrangement' 'employee Creditor Priority' 'section 444 DA Corporations Act 2001 (cth)' 'court Approval for Deed Provisions' 'company Liquidation']
['corporations Law' 'insolvency'] ['deed of Company Arrangement' 'employee Creditor Priority' 'section 444 DA Corporations Act 2001 (cth)' 'court Approval for Deed Provisions' 'company Liquidation']

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Procedural Posture

Corporations Deed of Company Arrangement Application / Application for Court Order Under S 444 Da(5) Corporations Act 2001 (cth)

Legal Issues

  1. 1 ['Whether the court should approve the non-inclusion of a provision in the deed of company arrangement as required by s 444DA(1) of the Corporations Act 2001 (Cth)' 'Whether approval can be given after execution of the deed' 'Whether non-inclusion would likely result in the same or a better outcome for eligible employee creditors as a whole compared to immediate winding up']

Ratio Decidendi

The non-inclusion of a s 444DA(1) provision in the deed of company arrangement is approved because it is likely to result in a better outcome for eligible employee creditors as a whole (with full payment and retention of employment), there was de facto consent from continuing employees, and the legislation allows the order to be made after execution of the deed.

Court Disposition

Application granted

Orders

  • ['Approve the non-inclusion of a s 444DA(1) provision in the Deed of Company Arrangement of Good Impressions Offset Printers Pty Ltd, dated 9 May 2012.' 'Order that the plaintiffs not be indemnified out of the Deed fund constituted under the Deed of Company Arrangement or out of the assets of the Company in respect...