Fowler, In the matter of Opes Prime Stockbroking Limited [2009] FCA 989

Fowler, In the matter of Opes Prime Stockbroking Limited [2009] FCA 989

The application for leave to appeal and any appeal should be heard instanter and expedited because the schemes were complex, involved more than 600 creditors who had lost approximately $630 million, and delay risked prejudicing creditors by delaying progression of proofs of debt and payment of an interim dividend. The Applicant's asserted funding issue was unsupported by evidence and not a strong factor against expedition, the asserted logistical difficulties could be addressed promptly because the matters were within the Applicant's knowledge, and counsel would not be prejudiced by an early hearing because they had appeared and made submissions before Finkelstein J.

Jurisdiction
Australia
Judgment Date
28 August 2009
Procedural Posture
Notice of Motion Concerning an Application for Leave to Appeal From Orders Approving Schemes of Arrangement / Application for Expedition and for the Application for Leave to Appeal to Be Heard Instanter With Any Appeal
Outcome
Application for expedition and for the application for leave to appeal to be heard instanter with any appeal granted; costs reserved.
Legal Topics
['schemes of Arrangement' 'leave to Appeal' 'expedition' 'liquidation' 'creditors' 'proofs of Debt' 'interim Dividend']
['corporations Law' 'civil Procedure'] ['schemes of Arrangement' 'leave to Appeal' 'expedition' 'liquidation' 'creditors' 'proofs of Debt' 'interim Dividend']

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Procedural Posture

Notice of Motion Concerning an Application for Leave to Appeal From Orders Approving Schemes of Arrangement / Application for Expedition and for the Application for Leave to Appeal to Be Heard Instanter With Any Appeal

Legal Issues

  1. 1 ['Whether the application for leave to appeal and any appeal should be heard instanter.' 'Whether the hearing of the application for leave to appeal and any appeal should be expedited.' "Whether the Applicant's asserted funding issue and logistical difficulties justified refusing expedition."]

Ratio Decidendi

The application for leave to appeal and any appeal should be heard instanter and expedited because the schemes were complex, involved more than 600 creditors who had lost approximately $630 million, and delay risked prejudicing creditors by delaying progression of proofs of debt and payment of an interim dividend. The Applicant's asserted funding issue was unsupported by evidence and not a strong factor against expedition, the asserted logistical difficulties could be addressed promptly because the matters were within the Applicant's knowledge, and counsel would not be prejudiced by an early hearing because they had appeared and made submissions before Finkelstein J.

Court Disposition

Application for expedition and for the application for leave to appeal to be heard instanter with any appeal granted; costs reserved.

Orders

  • ['The application for leave to appeal and any appeal will be heard next Thursday, 3 September at 10:15am before the Full Court of the Federal Court.' 'By 9:30am on Tuesday 1 September 2009, the Applicant file and serve any application for leave to adduce evidence including the proposed evidence and an outline of his...