Sinclair Knight Merz Pty Limited, in the matter of Sinclair Knight Merz Pty Limited [2012] FCA 1391

Sinclair Knight Merz Pty Limited, in the matter of Sinclair Knight Merz Pty Limited [2012] FCA 1391

It is appropriate to order the convening of meetings of separate classes of scheme creditors (present and former employees affected by the Age Based Provisions in the share plan), as the scheme consideration and class constitution have been suitably structured. The explanatory statement is adequate, the...

Source-derived case information.

Parties
Plaintiff: Sinclair Knight Merz Pty Limited (ACN 001 024 095)
Jurisdiction
Australia
Judgment Date
29 November 2012
Procedural Posture
Corporations Scheme of Arrangement Application / Interlocutory—application for Orders to Convene Meetings of Creditors
Outcome
Application granted to convene meetings of creditors to consider scheme of arrangement.
Legal Topics
Scheme of Arrangement, Creditors' Meetings, Age Discrimination, Class Constitution of Creditors
Corporations Law Scheme of Arrangement Creditors' Meetings Age Discrimination Class Constitution of Creditors

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Parties

Sinclair Knight Merz Pty Limited (ACN 001 024 095)

Plaintiff

Procedural Posture

Corporations Scheme of Arrangement Application / Interlocutory—application for Orders to Convene Meetings of Creditors

Legal Issues

  1. 1 Whether to order meetings of creditors under s 411(1) of the Corporations Act 2001 (Cth) to consider a proposed scheme of arrangement
  2. 2 Whether the explanatory statement is adequate
  3. 3 Whether class constitution for voting is appropriate

Ratio Decidendi

It is appropriate to order the convening of meetings of separate classes of scheme creditors (present and former employees affected by the Age Based Provisions in the share plan), as the scheme consideration and class constitution have been suitably structured. The explanatory statement is adequate, the modifications to meeting regulations are justified, and the procedural requirements for convening scheme meetings are satisfied under s 411(1) of the Corporations Act 2001 (Cth).

Court Disposition

Application granted to convene meetings of creditors to consider scheme of arrangement.

Orders

  • Plaintiff to convene meetings of Employee Scheme Creditors and Former Employee Scheme Creditors for the purpose of considering the scheme of arrangement.
  • Scheme Meetings to be held on 21 December 2012 at 11:00 am at Level 10, 100 Christie Street, St Leonards, NSW 2065.