In the matter of Infinite Water Holdings Limited (subject to deed of company arrangement) [2024] NSWSC 1096

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Infinite Water Holdings Limited (subject to deed of company arrangement) [2024] NSWSC 1096 Hearing dates: 22 August 2024 Date of orders: 22 August 2024 Decision date: 27 August 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 proponents and associated orders made. 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 444GA, 447A, 608 - Insolvency Practice Schedule (Corporations), s 90-15 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 Openpay Group Ltd (recs and mgrs apptd) (subject to a DOCA) [2024] NSWSC 789 - Re OrotonGroup Ltd (Subject to Deed of Company Arrangement) ACN 000 038 675; Application of Strawbridge and Kanevsky [2018] NSWSC 1213 - Re Paladin Energy Limited (subject to Deed of Company Arrangement) [2018] NSWSC 11 - 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: Brett Stephen Lord and Richard Andrew Stone in their capacity as joint and several deed administrators of Infinite Water Holdings Limited (subject to deed of company arrangement) (First Plaintiffs) Infinite Water Holdings Ltd (subject to deed of company arrangement) (Second Plaintiff) Representation: Counsel: M L Rose (Plaintiffs) B May (Interested Party)