Lipa Pharmaceuticals Limited (ACN 070 106 526) No 2, in the matter of Lipa Pharmaceuticals Limited (ACN 070 106 526) [2007] FCA 1628

Lipa Pharmaceuticals Limited (ACN 070 106 526) No 2, in the matter of Lipa Pharmaceuticals Limited (ACN 070 106 526) [2007] FCA 1628

The Court was satisfied that the scheme meeting was duly convened as per Court order, approved by the requisite majority of shareholders, unopposed by ASIC, and not subject to any notice of objection; thus, the scheme was approved under s 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth).

Jurisdiction
Australia
Judgment Date
22 October 2007
Procedural Posture
Scheme of Arrangement Under the Corporations Act / Application for Court Approval of Scheme
Outcome
Scheme of arrangement approved.
Legal Topics
['scheme of Arrangement' 'court Approval of Schemes' 'shareholder Meeting' 'asic Role in Schemes']
['corporations Law'] ['scheme of Arrangement' 'court Approval of Schemes' 'shareholder Meeting' 'asic Role in Schemes']

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 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Scheme of Arrangement Under the Corporations Act / Application for Court Approval of Scheme

Legal Issues

  1. 1 ['Whether the scheme of arrangement between Lipa Pharmaceuticals Limited and its shareholders should be approved under s 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth).']

Ratio Decidendi

The Court was satisfied that the scheme meeting was duly convened as per Court order, approved by the requisite majority of shareholders, unopposed by ASIC, and not subject to any notice of objection; thus, the scheme was approved under s 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth).

Court Disposition

Scheme of arrangement approved.

Orders

  • ['Pursuant to subsection 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth), the scheme of arrangement between Lipa Pharmaceuticals Limited and the holders of ordinary shares be approved.' 'Pursuant to section 411(12) of the Act, Lipa is exempted from compliance with section 411(11) of the Act.' 'These Orders...