In the matter of Ovato Print Pty Ltd [2020] NSWSC 1683

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Ovato Print Pty Ltd [2020] NSWSC 1683 Hearing dates: 13 November 2020; 18 November 2020 Date of orders: 18 November 2020 Decision date: 18 November 2020 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made convening meetings for the creditors' scheme and member's schemes. Explanatory memorandum approved for despatch. Catchwords: CORPORATIONS – Arrangements and reconstructions – Schemes of arrangement or compromise – Applications under s 411 of the Corporations Act 2001 (Cth) for orders convening meetings of creditors and members to consider and if thought fit to agree to proposed schemes of arrangement Single member schemes to obtain ancillary relief under s 413 of the Corporations Act – Basis for assumptions in explanatory memorandum – Where certain creditors wrote letters of objection but did not appear – Where objections to terms of scheme reserved for second Court hearing Legislation Cited: - Corporations Act 2001 (Cth), ss 411, 412, 413 - Corporations Regulations 2001 (Cth), r 5.1.01 - Fair Entitlements Guarantee Act 2012 (Cth) - Supreme Court (Corporations) Rules 1999 (NSW) Cases Cited: - Australian Securities Commission v Marlborough Gold Mines Ltd (1993) 177 CLR 485 - Centro Properties Ltd v PricewaterhouseCoopers (2011) 86 ACSR 584 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116; (2017) 121 ACSR 136 - Nicron Resources Ltd v Catto (1992) 8 ACSR 219 - Re Atlas Iron Ltd (2016) 112 ACSR 554 - Re BIS Finance Pty Ltd [2017] NSWSC 1713 - Re Boart Longyear Ltd [2017] NSWSC 567 - Re Centrebet International Ltd [2011] FCA 870 - Re CSR Ltd (2010) 183 FCR 358 - Re DUET Finance Ltd [2017] NSWSC 415 - Re Foundation Healthcare Ltd (2002) 42 ACSR 252; [2002] FCA 742 - Re HIH Casualty and General Insurance Ltd (2006) 200 FLR 243 - Re RBS Group (Australia) Pty Ltd (Unreported, 2 February 2012) - Re SAI Global Ltd [2016] FCA 1312 Category: Principal judgment Parties: Ovato Print Pty Ltd (First Plaintiff) Ovato Limited (Second Plaintiff) Hannanprint NSW Pty Limited (Third Plaintiff) Hannanprint Victoria Pty Limited (Fourth Plaintiff) Inprint Pty Limited (Fifth Plaintiff) Ovato Print Cairns Pty Ltd (First Defendant) Ovato Packaging Pty Ltd (Second Defendant) Ovato Creative Services Geebung Pty Ltd (Third Defendant) The Independent Print Media Group Pty Limited (Fourth Defendant) and 67 other Defendants Representation: Counsel: Mr I Jackman SC/Ms S Scott (Plaintiffs)