In the matter of Irongate Funds Management Limited as responsible entity for Irongate Property Fund I and Irongate Property Fund II (No 2) [2022] NSWSC 959

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Irongate Funds Management Limited as responsible entity for Irongate Property Fund I and Irongate Property Fund II (No 2) [2022] NSWSC 959 Hearing dates: 5 July 2022 Date of orders: 5 July 2022 Decision date: 19 July 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Plaintiff would be justified in giving effect to and implementing trust scheme 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: - Trustee Act 1925 (NSW), s 63 Cases Cited: - Re Commonwealth Managed Investments Ltd [2014] NSWSC 244 - Re Cromwell Property Securities Ltd [2006] NSWSC 1449 - Re Homemaker Retail Management Ltd (2001) 40 ACSR 116 - Re Irongate Funds Management Limited as responsible entity for Irongate Property Fund I and Irongate Property Fund II [2022] NSWSC 723 Re Macquarie Goodman Funds Management Ltd (2004) 52 ACSR 194 - Re Mirvac Limited (1999) 32 ACSR 107 - Re The Trust Company (RE Services) Limited as responsible entity of the VitalHarvest Freehold Trust (No 4) [2021] NSWSC 838 Category: Principal judgment Parties: Irongate Funds Management Limited as responsible entity for Irongate Property Fund I (First Plaintiff) Irongate Funds Management Limited as responsible entity for Irongate Property Fund II (Second Plaintiff) Representation: Counsel: I M Jackman SC (Plaintiffs) M Izzo SC (Bidder)