Viralytics Limited, in the matter of Viralytics Limited (No 2) [2018] FCA 972

Viralytics Limited, in the matter of Viralytics Limited (No 2) [2018] FCA 972

The scheme of arrangement between Viralytics and its shareholders was approved as all statutory and procedural requirements were satisfied, the relevant majorities of shareholders voted in favour, ASIC had no objection, the scheme was fair and reasonable, and no discretionary reasons told against approval. It was further held that an authenticated electronic copy of the Court's order from the Electronic Court File constitutes an 'office copy' for the purposes of s 411(10) of the Corporations Act 2001 (Cth).

Jurisdiction
Australia
Judgment Date
04 June 2018
Procedural Posture
Corporations Scheme of Arrangement / Application for Court Approval of Scheme (final Orders)
Outcome
Scheme of arrangement approved; ancillary orders made.
Legal Topics
['scheme of Arrangement' 'court Approval Under S 411(4)(b)' 'office Copy of Orders Under S 411(10)']
['corporations Law'] ['scheme of Arrangement' 'court Approval Under S 411(4)(b)' 'office Copy of Orders Under S 411(10)']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations Scheme of Arrangement / Application for Court Approval of Scheme (final Orders)

Legal Issues

  1. 1 ['Whether to approve the scheme of arrangement between Viralytics and its shareholders under s 411(4)(b) of the Corporations Act 2001 (Cth)' "Whether a sealed copy of the court's order downloaded from the Electronic Court File is an 'office copy' for s 411(10) purposes"]

Ratio Decidendi

The scheme of arrangement between Viralytics and its shareholders was approved as all statutory and procedural requirements were satisfied, the relevant majorities of shareholders voted in favour, ASIC had no objection, the scheme was fair and reasonable, and no discretionary reasons told against approval. It was further held that an authenticated electronic copy of the Court's order from the Electronic Court File constitutes an 'office copy' for the purposes of s 411(10) of the Corporations Act 2001 (Cth).

Court Disposition

Scheme of arrangement approved; ancillary orders made.

Orders

  • ['Pursuant to s 411(4)(b) Corporations Act 2001 (Cth), the scheme of arrangement between the plaintiff and its shareholders as set out in Exhibit 2 is approved.' 'Plaintiff to lodge with ASIC a copy of the approved scheme at the time of lodging a copy of these orders.' 'Plaintiff exempted from compliance with s...