Home Find Pty Ltd v Homefind Australia Pty Ltd [1995] FCA 1160

CATCHWORDS CORPORATIONS - compromises and arrangements - particular schemes - application to convene meetings of shareholders and noteholders Corporations Law, s411(1), (2) CHALLENGE BANK LTD (ACN 009 230 433) NO. WAG 3048 OF 1995 JUSTICE R D NICHOLSON PERTH 13 OCTOBER 1995

IN THE FEDERAL COURT OF AUSTRALIA ) LIMITED DISTRIBUTION WESTERN AUSTRALIA DISTRICT REGISTRY) GENERAL DIVISION ) NO. WAG 3048 OF 1995 IN THE MATTER OF: CHALLENGE BANK LTD (ACN 009 230 433) Applicant CORAM: JUSTICE R D NICHOLSON DATE: 13 OCTOBER 1995 PLACE: PERTH REASONS FOR JUDGMENT This is an application pursuant to s411(1) Corporations Law which seeks the convening of certain meetings for the purpose of having shareholders, convertible note-holders and option‑holders consider and approve various schemes of arrangement. I am satisfied on the evidence before me that matters arising under s411(2) of the Corporations Law offer no inhibition to the Court making an order in response to the application. As the terms of Exhibit 1 make apparent, the Australian Securities Commission ("the Commission") has had reasonable opportunity both to examine and make submissions on the proposed schemes and meetings and, both by implication and by oral submission, it has affirmed that the relevant time limits have been complied with. I am also satisfied on the evidence to which I have been taken in some detail that it is appropriate that these schemes should go before the various meetings at which it is proposed they will be considered. It is made clear in the documents supporting the application, as I make clear now, that the Court in making the orders sought is not granting its approval to the scheme. It is ordering that these schemes are in a form which should go forward to each of the relevant meetings.