In the matter of Thorn Group Limited (No 2) [2023] NSWSC 1523

In the matter of Thorn Group Limited (No 2) [2023] NSWSC 1523

All procedural and statutory requirements for approval were satisfied, the scheme was fair and reasonable, there were no competing proposals or contrary evidence, ASIC did not object, and the orders approving the scheme were therefore made.

Jurisdiction
Australia
Judgment Date
07 December 2023
Procedural Posture
Scheme of Arrangement Approval Application / Second Court Hearing (approval)
Outcome
Scheme of arrangement approved; ancillary orders made as sought by Thorn Group Limited.
Legal Topics
['schemes of Arrangement' 'arrangements and Reconstructions' 'court Approval of Schemes' 'statutory Compliance']
['corporations Law' 'equity'] ['schemes of Arrangement' 'arrangements and Reconstructions' 'court Approval of Schemes' 'statutory Compliance']

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Procedural Posture

Scheme of Arrangement Approval Application / Second Court Hearing (approval)

Legal Issues

  1. 1 ['Whether the scheme of arrangement satisfies the statutory requirements under s 411 of the Corporations Act 2001 (Cth)' 'Whether the scheme meeting was properly convened and resolutions passed by requisite majorities' 'Whether all conditions precedent have been satisfied' 'Whether the scheme is fair and reasonable and should be approved by the Court']

Ratio Decidendi

All procedural and statutory requirements for approval were satisfied, the scheme was fair and reasonable, there were no competing proposals or contrary evidence, ASIC did not object, and the orders approving the scheme were therefore made.

Court Disposition

Scheme of arrangement approved; ancillary orders made as sought by Thorn Group Limited.

Orders

  • ['The scheme of arrangement is approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).' 'Order under s 411(12) of the Act exempting Thorn from compliance with s 411(11) of the Act.']