Park, in the matter of Ellume Ltd (Subject to Deed of Company Arrangement) [2023] FCA 133

Federal Court of Australia

Park, in the matter of Ellume Ltd (Subject to Deed of Company Arrangement) [2023] FCA 133 File number(s): NSD 54 of 2023

Judgment of: STEWART J

Date of judgment: 22 February 2023

Catchwords: CORPORATIONS – application by company subject to deed of company arrangement and deed administrators for leave under s 444GA(1)(b) of the Corporations Act 2001 (Cth) to transfer shares in company in order to effect restructure – where shares in the company would have no value in a liquidation – where share transfer produces no unfair prejudice to members – leave granted

Legislation: Corporations Act 2001 (Cth) ss 435A, 436A, 444GA, 447A, 606, 655A(1)(a); Sch 2 (Insolvency Practice Schedule (Corporations) ss 75-222, 90-15(1)

Cases cited: In the matter of OrotonGroup Ltd (Subject to Deed of Company Arrangement); Application of Strawbridge and Kanevsky [2018] NSWSC 1213 Park, in the matter of Collection House Ltd (Subject to a Deed of Company Arrangement) [2022] FCA 1244 Strawbridge, in the matter of Virgin Australia Holdings Ltd (administrators appointed) (No 9) [2020] FCA 1652; 148 ACSR 648

Division: General Division

Registry: New South Wales

National Practice Area: Commercial and Corporations

Sub-area: Corporations and Corporate Insolvency

Number of paragraphs: 43

Date of hearing: 22 February 2023

Counsel for the Plaintiffs V E Whittaker SC and A L Oakes

Solicitor for the Plaintiffs Mills Oakley Lawyers

ORDERS NSD 54 of 2023 IN THE MATTER OF ELLUME LTD (SUBJECT TO DEED OF COMPANY ARRANGEMENT) (ACN 141 767 660) JOHN RICHARD PARK AND JOANNE EMILY DUNN IN THEIR CAPACITIES AS JOING AND SEVERAL DEED ADMINISTRATORS OF ELLUME LTD First Plaintiff