Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Mercantile Mutual Insurance (Australia) Limited [2002] FCA 1278
CORPORATIONS LAW – solvent schemes of arrangement proposed in England for Australian insurance company and each of four Dutch insurance companies in combination – identical Scheme proposed in Australia, in so far as it relates to Australian insurance company – each company a member of same international insurance corporate group – schemes designed to accelerate crystallisation and satisfaction of reinsurance claims pending or anticipated against proponents of schemes otherwise – claims unlikely to be finalised for some considerable future time – potential mutual advantages to all parties concerned to crystallise liability of insurers for and quantification of those reinsurance claims earlier than would otherwise occur in the normal course – approval to be sought to all schemes in High Court of Justice in England – whether scheme meeting to take place in England in respect of Australian insurance company should be ordered in Australia as well as in England – whether explanatory statement for schemes should be approved by the Court upon the application of Australian company – order made for convening meeting of scheme creditors of Australian company in England and for approval of explanatory statement relating thereto – certain Corporations Regulations excluded from application.
Corporations Act 2001 (Cth), ss 411(1), 412(1)(a) and 1319 Corporations Regulations (generally) Companies Act 1985 (UK) s 425
Re Sandhurst (1991) 9 ACLC 62 applied Re Triden Contractors Ltd (1993) 30 NSWLR 615 applied Sovereign Life Assurance Company v Dodd (1892) 2 QB 573 cited Re Hawk Insurance Co Ltd [2001] 2 BCLC 480 cited Re Glendale Land Development Ltd (In Liq) (1982) 7 ACLR 171 cited Re Garner Motors Ltd [1937] 1 All ER 671 cited Isles v Daily Mail Newspaper Ltd (1912) 14 CLR 193 cited Re Bulong Nickel Pty Ltd [2002] WASC 226 applied Re International Harvester Co of Australia Pty Ltd [1953] VLR 66 applied
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