In the matter of Hills Limited [2023] NSWSC 1308

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Hills Limited [2023] NSWSC 1308 Hearing dates: 24 October 2023 Date of orders: 24 October 2023 Decision date: 01 November 2023 Jurisdiction: Equity - Corporations List Before: Black J Decision: Plaintiffs granted leave under s 444GA of the Corporations Act 2001 (Cth) to transfer shares in the company to deed proponent. Catchwords: CORPORATIONS — Voluntary administration — Deed of company arrangement — Application under s 444GA of the Corporations Act 2001 (Cth) for leave to transfer shares pursuant to DOCA — Whether residual equity in company – Whether shareholders unfairly prejudiced Legislation Cited: Corporations Act 2001 (Cth), Ch 6, ss 435A, 444GA, 447A, 563A, 606, 655A Cases Cited: - Cussen, Re Big Un Ltd [2019] FCA 1162 - Lewis, Re Diverse Barrel Solutions Pty Ltd (subject to deed of company arrangement) [2014] FCA 53 - Re Global Stress Index Pty Ltd (subject to deed of company arrangement) [2020] NSWSC 183 - Re Kupang Resources Ltd (subject to deed of company arrangement) (recs and mgrs apptd) [2016] NSWSC 1895 - Re Mirabela Nickel Ltd (subject to deed of company arrangement) [2014] NSWSC 836 - Re Nexus Energy Ltd (Subject to Deed of Company Arrangement) (2015) 105 ACSR 246 - Re OrotonGroup Limited (Subject to Deed of Company Arrangement); Application of Strawbridge and Kanevsky [2018] NSWSC 1213 - Re Paladin Energy Ltd (subject to Deed of Company Arrangement) [2018] NSWSC 11 - Strawbridge, in the matter of Virgin Australia Holdings Ltd (administrators appointed) (No 9) (2020) 148 ACSR 648; [2020] FCA 1652 - Tucker, in the matter of Black Oak Minerals Ltd (Subject to a Deed of Company Arrangement) (in liq) (2019) 134 ACSR 472; [2019] FCA 293 Category: Principal judgment Parties: Sule Arnautovic and John Vouris in their capacity as joint and several deed administrators of Hills Limited (subject to deed of company arrangement) (First Plaintiff) Hills Limited (subject to deed of company arrangement) (Second Plaintiff) Representation: Counsel: M Izzo SC/O Jones (Plaintiffs) F Tao (Starplex International Pty Ltd)