In the matter of Sydney Airport Limited and The Trust Company (Sydney Airport) Limited as responsible entity for Sydney Airport Trust 1 (No 2) [2022] NSWSC 103

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Sydney Airport Limited and The Trust Company (Sydney Airport) Limited as responsible entity for Sydney Airport Trust 1 (No 2) [2022] NSWSC 103 Hearing dates: 9 February 2022 Date of orders: 9 February 2022 Decision date: 11 February 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Plaintiffs would be justified in giving effect to and implementing proposals and giving effect to consequential constitutional amendments. Catchwords: CORPORATIONS – Arrangements and reconstructions – Schemes of arrangement or compromise – Application under s 411 of the Corporations Act 2001 (Cth) for orders approving scheme of arrangement – Where formal requirements satisfied – Whether scheme of arrangement should be approved. CORPORATIONS – Arrangements and reconstructions – Application under s 63 of the Trustee Act 1925 (NSW) for judicial advice with respect to the implementation of trust scheme Legislation Cited: - Corporations Act 2001 (Cth), ss 411, 601GC - Trustee Act 1925 (NSW), s 63 Cases Cited: - Re Atlas Iron Ltd (No 2) [2016] FCA 481 - Re Australian Leisure and Entertainment Property Management Limited [2021] NSWSC 1710 - Re Aveo Group Ltd [2019] NSWSC 1679 - Re Central Pacific Minerals NL [2002] FCA 239 - Re Class Ltd (No 2) [2022] NSWSC [ ] - Re Commonwealth Managed Investments Ltd [2014] NSWSC 244 - Re Cromwell Property Securities Ltd [2006] NSWSC 1449 - Re Ellerston Global Investments Ltd [2020] NSWSC 1108 - Re Equinox Resources Ltd (2004) 49 ACSR 692; [2004] WASC 143 - Re Macquarie Goodman Funds Management Ltd (2004) 52 ACSR 194; [2004] NSWSC 1197 - Re Mirvac Ltd (1999) 32 ACSR 107; [1999] NSWSC 457 - Re NRMA Ltd (No 2) (2000) 156 FLR 412; [2000] NSWSC 408 - Re Redcape Property Fund Ltd and Trust Company (RE Services) Ltd (as the responsible entity for the Redcape Property Trust) [2012] NSWSC 486 - Re Seven Network Ltd (2010) 267 ALR 583; 77 ACSR 701; [2010] FCA 400 - Re Sydney Airport Limited and The Trust Company (Sydney Airport) Limited as responsible entity for Sydney Airport Trust 1 [2022] NSWSC 25 - Re Toll Holdings Ltd (No 2) [2015] VSC 236 Category: Principal judgment Parties: Sydney Airport Limited (First Plaintiff) The Trust Company (Sydney Airport) Limited as responsible entity for Sydney Airport Trust 1 (Second Plaintiff) Representation: Counsel: J Williams SC/T O'Brien (Plaintiff) I Jackman SC (Acquirer)