In the matter of Nexus Energy Ltd (subject to deed of company arrangement) [2014] NSWSC 1910

In the matter of Nexus Energy Ltd (subject to deed of company arrangement) [2014] NSWSC 1910

Leave is granted to transfer all existing shares in Nexus Energy Ltd under s 444GA, as the shares have no residual value in a liquidation and shareholders do not suffer unfair prejudice by reason of the transfer; benefits to creditors outweigh any speculative prejudice to shareholders.

Jurisdiction
Australia
Judgment Date
24 December 2014
Procedural Posture
Corporations Act Application / Final Judgment
Outcome
Leave granted to transfer shares
Legal Topics
['voluntary Administration' 'deed of Company Arrangement' 'share Transfer Under S 444 Ga' 'unfair Prejudice' 'corporate Restructuring']
['corporations Law' 'insolvency'] ['voluntary Administration' 'deed of Company Arrangement' 'share Transfer Under S 444 Ga' 'unfair Prejudice' 'corporate Restructuring']

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Procedural Posture

Corporations Act Application / Final Judgment

Legal Issues

  1. 1 ['Whether leave should be granted to deed administrators to transfer shares under s 444GA of the Corporations Act 2001 (Cth)' 'Whether the transfer would unfairly prejudice the interests of members']

Ratio Decidendi

Leave is granted to transfer all existing shares in Nexus Energy Ltd under s 444GA, as the shares have no residual value in a liquidation and shareholders do not suffer unfair prejudice by reason of the transfer; benefits to creditors outweigh any speculative prejudice to shareholders.

Court Disposition

Leave granted to transfer shares

Orders

  • ['Messrs Caddy, Preston and McGrath as joint and several deed administrators of Nexus Energy Ltd (subject to Deed of Company Arrangement) are granted leave under s 444GA of the Corporations Act to transfer all existing shares in Nexus from each shareholder recorded on the register of members to SGH Energy (No 2) Pty...