NSW Caselaw
57 ACSR 791 Reported Decision : 200 FLR 243 (2006) 24 ACLC 545
New South Wales Supreme Court
CITATION : Re HIH Casualty and General Insurance Limited & Ors [2006] NSWSC 485
HEARING DATE(S) : 27/04/06, 22/05/06
JUDGMENT DATE : 26 May 2006
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Proceedings adjourned
CATCHWORDS : CORPORATIONS - arrangements and reconstructions - companies in liquidation - proposed compromise or arrangement with creditors - meetings of creditors - format of meeting - where several voting constituencies assembled together but each later had opportunity for separate discussion and voted separately - motions moved by chairman of meetings - whether irregular - voting at meeting - whether requirement for decision "on the voices" satisfied by vote by show of hands - taking of poll "before or on the declaration of the result of the voices" - whether preliminary vote "on the voices" thereby made necessary - where court invited to approve scheme as altered by resolution of creditors - whether creditors having claims subject to potential reduction by operation of scheme constitute class distinct from creditors whose claims are not subject to such potential reduction - whether non-disclosure in explanatory statement of potential reduction of some claims was material non-disclosure
Companies Act 1947 (Eng), s.40 LEGISLATION CITED : Corporations Act 2001 (Cth), ss.411(1), 411(4)(a)(i), 411(4)(b), 411(6), 412, 553C, 554 Corporations Regulations 2001 (Cth), reg. 5.6.19 Supreme Court (Corporations) Rules 1999, r.2.13
Cullen v Galloway Cattle Society of Australia Inc (1998) 27 ACSR 648 Fraser v NRMA Holdings Ltd (1995) 55 FCR 452 Hagenvale Pty Ltd v Depela Pty Ltd (1995) 17 ACSR 139 Health and Life Care Ltd v South Australian Asset Management Corporation (1995) 16 ACSR 453 Holmes v Keyes [1959] Ch 199 Kantfield Pty Ltd v Plastamatic (Aust) Pty Ltd (1994) 14 ACSR 687 Link Agricultural Pty Ltd v Shanahan [1999] 1 VR 466 National Australia Bank Ltd v Market Holdings Pty Ltd (2001) 37 ACSR 629 No 5 Lorac Avenue Pty Ltd v Brooke (1995) 16 ACSR 247 Re Adams International Food Traders Pty Ltd (1988) 13 NSWLR 282 and (1988) 13 ACLR 586 Re Anglo American Insurance Ltd [2001] 1 BCLC 755 Re Australian Consolidated Press Ltd (1994) (1994) 117 FLR 451 Re Citect Corporation Ltd (2006) 56 ACSR 663 Re Dorman Long & Co Ltd [1934] Ch 635 CASES CITED : Re Ferro Constructions Pty Ltd (1976) 2 ACLR 18 Re Hastings Deering Ltd (1985) 9 ACLR 755 Re HIH Casualty & General Insurance Ltd (2005) 190 FLR 398 Re Hills Motorway Ltd (2002) 43 ACSR 101 Re Horbury Bridge Coal Iron & Wagon Co (1870) 11 ChD 109 Re Jax Marine Pty Ltd [1967] 1 NSWR 145 Re Landmark Corporation Ltd [1968] 1 NSWR 759 Re Montana Frocks Pty Ltd [1967] 2 NSWR 584 Re NRMA Ltd (2000) 156 FLR 412 Re Pheon Pty Ltd (1986) 11 ACLR 142 Re Ringuet; Ex parte Knight (1986) 11 FCR 45 Re Vector Capital Ltd (1997) 23 ACSR 182 Ryan v South Sydney Junior Rugby League Club Ltd (1974) 3 ACLR 486 Sovereign Life Assurance Co v Dodd [1892] 2 QB 573 The Second Consolidated Trust Ltd v Ceylon Amalgamated Tea & Rubber Estates Ltd [1943] 2 All ER 567 UDL Argos Engineering & Heavy Industries Co Ltd v Li Oi Lin [2001] 3 HKLRD 634
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