Westfield Holdings Limited & Ors [2004] NSWSC 602

Westfield Holdings Limited & Ors [2004] NSWSC 602

Approval orders were appropriate because all procedural steps had been completed, member support was overwhelming, ASIC did not object, and outstanding conditions (constitution amendments) were satisfied prior to final orders, ensuring the scheme was self-executing at the granting of approval.

Jurisdiction
Australia
Judgment Date
01 July 2004
Procedural Posture
Scheme of Arrangement Approval and Trustee Advice Applications / Final Orders Following Satisfaction of Conditions Precedent
Outcome
Orders approving the scheme of arrangement under Corporations Act s.411(4)(b) and giving judicial advice to responsible entities were granted.
Legal Topics
['scheme of Arrangement' 'managed Investment Schemes' 'court Approval' 'trustee Advice']
['corporations' 'equity'] ['scheme of Arrangement' 'managed Investment Schemes' 'court Approval' 'trustee Advice']

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 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Scheme of Arrangement Approval and Trustee Advice Applications / Final Orders Following Satisfaction of Conditions Precedent

Legal Issues

  1. 1 ['Whether the court should approve a scheme of arrangement when a condition precedent within the control of the company or a controlled entity remains unsatisfied' 'Whether responsible entities are justified in giving effect to the merger proposal']

Ratio Decidendi

Approval orders were appropriate because all procedural steps had been completed, member support was overwhelming, ASIC did not object, and outstanding conditions (constitution amendments) were satisfied prior to final orders, ensuring the scheme was self-executing at the granting of approval.

Court Disposition

Orders approving the scheme of arrangement under Corporations Act s.411(4)(b) and giving judicial advice to responsible entities were granted.

Orders

  • ['Orders and directions made in respect of Westfield Management Ltd under s.63 of the Trustee Act 1925.' 'Orders and directions made in respect of Westfield America Management Ltd under s.63 of the Trustee Act 1925.' 'Order under s.411(4)(b) of the Corporations Act 2001 in respect of the scheme between Westfield...