NSW Caselaw
Reported Decision : 40 ACSR 221 (2002) 20 ACLC 265
New South Wales Court of Appeal
CITATION : Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd [2001] NSWCA 427 FILE NUMBER(S) : CA 40626/00 HEARING DATE(S) : 13 September 2001 JUDGMENT DATE : 12 December 2001
PARTIES : Winpar Holdings Ltd - Appellant Goldfields Kalgoorlie Ltd - Respondent JUDGMENT OF : Beazley JA at 1; Giles JA at 2; Davies AJA at 119
LOWER COURT JURISDICTION : Supreme Court - Equity Division LOWER COURT ED 3125/00 FILE NUMBER(S) : LOWER COURT Santow J JUDICIAL OFFICER :
N Cotman SC - Appellant COUNSEL : M Oakes SC - Respondent N Perram - Amicus curiae Stephen Blanks & Associates, Rozelle - Appellant SOLICITORS : Allens Arthur Robinson - Respondent ASIC - Amicus curiae CATCHWORDS : CORPORATIONS - selective capital reduction - whether separate meeting of minority shareholders was held - whether if not held the capital reduction was nonetheless valid by force of s 256D of the Law or could and should be validated by an order under s 1322(2) or (4) - whether scheme of arrangement required - whether Gambotto principles applied - whether failure to make proper disclosure to shareholders - whether capital reduction fair and reasonable - all challenges to validity of capital reduction failed. D. re Albert Street Properties Ltd (1997) 23 ACSR 318; re Allgas Energy Ltd (1998) 27 ACSR 729; Australian Hydrocarbons NL v Green (1985) 10 ACLR 72; Batoka Pty Ltd v Jackson (1998) 30 ACSR 67; re Broadway Motors Holdings Pty Ltd (in liq) (1986) 6 NSWLR 45; Carruth v Imperial Chemical Industries Ltd (1937) AC 707; Catto v Ampol Ltd (1989) 16 NSWLR 342; The Commonwealth v Milledge (1953) 90 CLR 157; re Compaction Systems Pty Ltd (1976) 2 NSWLR 477; re Deniliquin Corporation Ltd (1994) 12 ACSR 623; Deputy Commissioner of Taxation v ACN 001 330 203 Pty Ltd (in liq) (1999) NSWSC 798; Deputy Commissioner of Taxation v Portinex Pty Ltd (2000) 34 ACSR 391; Gambotto v WCP Ltd (1995) 182 CLR 439; re George Raymond Pty Ltd (2001) 36 ACSR 381; CASES CITED: Gordon v Allied Meridian Pty Ltd (1999) NSWSC 558; HCK China Investments Ltd v Solar Honest Ltd (1966) 165 ALR 680; Holmes v Life Funds of Australia Ltd (1971) 1 NSWLR 860; Mamouney v Soliman (1992) 9 ACSR 63; Melcann Ltd v Super John Pty Ltd (1995) 14 ACLC 92; National Australia Bank Ltd v Market Holdings Pty Ltd (2000) NSWSC 1009; Nicron Resources Ltd v Catto (1992) 8 ACSR 219; NRMA Ltd v Gould (1995) 18 ASCR 290; re Prime Group Holdings Ltd (1995) 1 VR 56; Ramsay Health Care Ltd v Elkington (1992) 8 ACSR 73; Roma Industries Ltd v Bliim (1983) 1 ACLC 1079; Thornett v Federal Commissioner of Taxation (1938) 59 CLR 787; re Tiger Investment Company Ltd (2000) 33 ACSR 437; re Vanfox Pty Ltd (1995) 2 Qd R 445; Wagner v International Health Promotions Pty Ltd (1994) 15 ACSR 419; Westchester Pty Ltd v Triton Resources Ltd (2001) WASC 57. DECISION : Appeal dismissed with costs.
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