Federal Court of Australia
Federal Court of Australia
Diverger Limited, in the matter of Diverger Limited (No 2) [2024] FCA 143 File number: NSD 1202 of 2023
Judgment of: MARKOVIC J
Date of judgment: 15 February 2024
Date of publication of reasons: 29 February 2024
Catchwords: CORPORATIONS – members' scheme of arrangement – second Court hearing – application for orders pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth) for approval of scheme – consideration of evidence necessary for court to exercise discretion – exemption from compliance with s 411(11) of the Act – application granted.
Legislation: Corporations Act 2001 (Cth) ss 411, 1319
Cases cited: Alloggio Group Ltd, in the matter of Alloggio Group Ltd (No 2) [2023] FCA 1053 Dragontail Systems Limited, in the matter of Dragontail Systems Limited (No 2) [2021] FCA 1109
Division: General Division
Registry: New South Wales
National Practice Area: Commercial and Corporations
Sub-area: Corporations and Corporate Insolvency
Number of paragraphs: 17
Date of hearing: 15 February 2024
Counsel for the Plaintiff: Mr NM Bender SC
Solicitor for the Plaintiff: MinterEllison
Counsel for Count Limited: Mr M Izzo SC
Solicitor for Count Limited: Baker McKenzie
ORDERS NSD 1202 of 2023 IN THE MATTER OF DIVERGER LIMITED ACN 111 695 357
DIVERGER LIMITED Plaintiff
order made by: MARKOVIC J DATE OF ORDER: 15 february 2024
THE COURT ORDERS THAT: 1. Pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth), the scheme of arrangement between the plaintiff and its shareholders, the terms of which are set out in the document at Appendix 3 to the document comprising Exhibit P1 in the proceeding (Scheme), is approved. 2. The plaintiff lodge with the Australian Securities and Investments Commission a copy of the approved Scheme at the time of lodging a copy of these Orders. 3. Pursuant to s 411(12) of the Act, the plaintiff is exempted from compliance with s 411(11) of the Act in relation to the Scheme. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.
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