Trust Company (Nominees) Limited, in the matter of Angas Securities Limited v Angas Securities Limited (No 5) [2019] FCA 482

FEDERAL COURT OF AUSTRALIA

Trust Company (Nominees) Limited, in the matter of Angas Securities Limited v Angas Securities Limited (No 5) [2019] FCA 482 File number(s): NSD 469 of 2015

Judge(s): BEACH J

Date of judgment: 5 April 2019

Date of publication of reasons: 8 April 2019

Catchwords: CORPORATIONS – creditors' scheme of arrangement – first court hearing – debenture holders – further extension to run off phase not warranted – convening meeting of debenture holders – foreign debenture holders – assets in form of biodiversity credits – releases of third parties as part of scheme – separate class questions – debenture holders holding ordinary shares – redeemable preference shares – conditions precedent to scheme – duties of trustee for debenture holders – adequacy of explanatory statement – advice to trustee – ss 283HA and 283HB of Corporations Act 2001 (Cth) – s 63 of Trustee Act 1925 (NSW) – advice given – order made for convening of scheme meeting under s 411 of Corporations Act

Legislation: Corporations Act 2001 (Cth) ss 283AA(1), 283HA, 283HB, 411(1), 411(3), 411(17)(b), 412(1)(a), 420A, 601FC(2), 601FD, 601GA, 766B, 766B(4) Corporations Regulations 2001 (Cth) Pt 2 Sch 8, reg 5.1.01 Securities Act of 1933 (US) s 3(a)(10) Trustee Act 1925 (NSW) s 63

Cases cited: Amcor Limited, in the matter of Amcor Limited [2019] FCA 346 Australian Securities and Investments Commission v Lewski (2018) 362 ALR 286 Bacnet Pty Ltd v Lift Capital Partners Pty Ltd (in liq) (2010) 183 FCR 384 City of Swan v Lehman Brothers Australia (2009) 179 FCR 243 Fowler v Lindholm (2009) 178 FCR 563 In the matter of BIS Finance Pty Limited; In the matter of Artsonig Pty Limited [2017] NSWSC 1713 Lift Capital Partners Pty Limited (In Liquidation), in the matter of Lift Capital Partners Pty Limited (In Liquidation) [2009] FCA 1523 Re Glendale Land Development Ltd (in liq) [1982] 2 NSWLR 563 Re Lehman Brothers International (Europe) (in administration) [2009] EWCA Civ 1161 Re Opes Prime Stockbroking Ltd (2009) 179 FCR 20 Trust Company (Nominees) Limited, in the matter of Angas Securities Limited v Angas Securities Limited (2015) 107 ACSR 464; [2015] FCA 772 Trust Company (Nominees) Limited, in the matter of Angas Securities Limited v Angas Securities Limited (No 2) [2015] FCA 861 Trust Company (Nominees) Limited, in the matter of Angas Securities Limited v Angas Securities Limited (No 3) [2016] FCA 895 Wellington Capital Limited v Australian Securities and Investments Commission (2014) 254 CLR 288