In the matter of Centro Properties Limited and CPT Manager Limited in its capacity as responsible entity of Centro Property Trust [2011] NSWSC 1481

In the matter of Centro Properties Limited and CPT Manager Limited in its capacity as responsible entity of Centro Property Trust [2011] NSWSC 1481

It is appropriate to direct that no office copy of any of the orders under s 411(4)(b) of the Corporations Act 2001 be lodged with ASIC before 11am on 2 December 2011 to provide the defendant opportunity to consider an appeal without unduly prejudicing the plaintiffs, given the minimal and mechanical nature of actions required following that time and the risks to the transaction timing.

Jurisdiction
Australia
Judgment Date
01 December 2011
Procedural Posture
Interlocutory Application / On Stay of Entry of Orders
Outcome
Direction granted restraining lodgment with ASIC before 11am 2 December 2011; no undertaking as to damages required; orders to be entered forthwith.
Legal Topics
['scheme of Arrangement' 'stay of Orders' 'statutory Orders Lodgment' 'asic Lodgment Restraints']
['corporations Law'] ['scheme of Arrangement' 'stay of Orders' 'statutory Orders Lodgment' 'asic Lodgment Restraints']

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Procedural Posture

Interlocutory Application / On Stay of Entry of Orders

Legal Issues

  1. 1 ['Whether to grant a stay or restraint on the lodgment of court orders approving a scheme of arrangement under s 411(4)(b) of the Corporations Act 2001 with ASIC pending consideration of a possible appeal']

Ratio Decidendi

It is appropriate to direct that no office copy of any of the orders under s 411(4)(b) of the Corporations Act 2001 be lodged with ASIC before 11am on 2 December 2011 to provide the defendant opportunity to consider an appeal without unduly prejudicing the plaintiffs, given the minimal and mechanical nature of actions required following that time and the risks to the transaction timing.

Court Disposition

Direction granted restraining lodgment with ASIC before 11am 2 December 2011; no undertaking as to damages required; orders to be entered forthwith.

Orders

  • ['No office copy of any of the orders under s 411(4)(b) of the Corporations Act 2001 made today be lodged with Australian Securities and Investments Commission before 11am Sydney time on 2 December 2011.']