In the matter of Openpay Group Ltd (recs and mgrs apptd) (subject to a DOCA) [2024] NSWSC 789

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Openpay Group Ltd (recs and mgrs apptd) (subject to a DOCA) [2024] NSWSC 789 Hearing dates: 18 June 2024 Date of orders: 18 June 2024 Decision date: 26 June 2024 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), ss 436A, 444GA, 606 - Evidence Act 1995 (NSW), s 160 Cases Cited: - Cussen, Re Big Un Ltd [2019] FCA 1162 - 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) [2014] NSWSC 1910 - Re Ten Network Holdings Ltd (subject to a deed of company arrangement) (recs and mgrs apptd) [2017] NSWSC 1529 - Weaver v Noble Resources Ltd [2010] WASC 182; (2010) 41 WAR 301 Category: Principal judgment Parties: Simon Cathro in his capacity as joint and several administrator of the Deed of Company Arrangement in respect of Openpay Group Ltd (First Plaintiff) Declan Lane in his capacity as joint and several administrator of the Deed of Company Arrangement in respect of Openpay Group Ltd (Second Plaintiff) Openpay Group Limited (receivers and managers appointed) (subject to a deed of company arrangement) (Third Plaintiff) Representation: Counsel: M L Rose (Plaintiffs)