Provet Holdings Limited, in the matter of Provet Holdings Limited (No 2) [2010] FCA 1412

Provet Holdings Limited, in the matter of Provet Holdings Limited (No 2) [2010] FCA 1412

The scheme was approved because all procedural and substantive fairness requirements as set out in s 411(4)(b) of the Corporations Act 2001 (Cth) were satisfied, with members properly informed, the meeting appropriately conducted, statutory thresholds exceeded, no opposition received, and ASIC expressing no opposition.

Jurisdiction
Australia
Judgment Date
16 December 2010
Procedural Posture
Scheme of Arrangement Application / Final Approval of Scheme After Second Hearing
Outcome
Scheme of arrangement approved; orders as sought made.
Legal Topics
['scheme of Arrangement' 'court Approval of Scheme' 'procedural Fairness' 'section 411 Corporations Act']
['corporations Law'] ['scheme of Arrangement' 'court Approval of Scheme' 'procedural Fairness' 'section 411 Corporations Act']

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Procedural Posture

Scheme of Arrangement Application / Final Approval of Scheme After Second Hearing

Legal Issues

  1. 1 ['Whether the scheme of arrangement between Provet Holdings Limited and its members should be approved under s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Whether procedural and substantive fairness requirements have been met']

Ratio Decidendi

The scheme was approved because all procedural and substantive fairness requirements as set out in s 411(4)(b) of the Corporations Act 2001 (Cth) were satisfied, with members properly informed, the meeting appropriately conducted, statutory thresholds exceeded, no opposition received, and ASIC expressing no opposition.

Court Disposition

Scheme of arrangement approved; orders as sought made.

Orders

  • ['The scheme of arrangement between Provet Holdings Limited and its members is approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).' 'Provet Holdings Limited is exempted from compliance with s 411(11) in relation to Order 1 pursuant to s 411(12) of the Act.' 'Orders be entered forthwith.']