Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Executor Trustees Ltd v Provident Capital Ltd (No 3) [2012] FCA 1253 Citation: Australian Executor Trustees Ltd v Provident Capital Ltd (No 3) [2012] FCA 1253
Parties: AUSTRALIAN EXECUTOR TRUSTEES LIMITED v PROVIDENT CAPITAL LIMITED
File number: NSD 808 of 2012
Judge: RARES J
Date of judgment: 12 November 2012
Catchwords: CORPORATIONS – receivers – debentures issued by company to the public under a debenture trust deed – where receivers of issuer company seek advice and directions pursuant to ss 424 and 283HA of the Corporations Act 2001 (Cth) as to whether they would be justified in pursuing amendments to the trust deed, in order to facilitate a fairer distribution to debenture holders of the proceeds of realisation of company's loan portfolio – whether effect of the proposed amendment creates different classes of debenture holders – whether separate members of each class should be called Held: the receivers may convene a meeting, at which all debenture holders are to be present, to take a poll regarding the proposed amendments to the trust deed – receivers to inform a Court of the outcome of the meeting, including voting preferences in each potential class of debenture holders, with a view to the Court making orders pursuant to s 283HB(1)(g) giving effect to any resolution passed
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