In the matter of Joe & Joe Developments Pty Ltd (subject to a Deed of Company Arrangement) [2014] NSWSC 1444

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Joe & Joe Developments Pty Ltd (subject to a Deed of Company Arrangement) [2014] NSWSC 1444 Hearing dates: 5 - 8 and 12 - 13 August 2014 (further submissions 13 October 2014) Decision date: 22 October 2014 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Parties to bring in short minutes of order to give effect to judgment. Catchwords: CORPORATIONS - voluntary administration - deeds of company arrangement - application for relief by contributories under Corporations Act 2001 (Cth) s 447E - where deed of company arrangement contemplated, inter alia, effecting of share buy-back and in specie transfer of property subject to mortgage to shareholders and payment of monies by shareholders in two tranches - where disputes arose between shareholders in respect of implementation of deed of company arrangement - whether company's affairs managed by deed administrators in a way that was prejudicial to the interests of some or all of the company's creditors or members - whether established that plaintiffs accepted deed of company arrangement in reliance on alleged representations of deed administrators - whether deed administrators failed to give effect to share buy-back and to transfer property in breach of deed of company arrangement - whether deed administrators engaged in unequal treatment of transfers and security between plaintiffs and other shareholders - whether delay in sale of property caused by deed administrators - whether deed administrators failed to complete the deed of company arrangement - engagement of solicitors by deed administrators - whether deed administrators took adequate steps to conduct review of invoices for legal services - third party payment - whether relief should be granted in respect of relevant payments made by deed administrators - whether deed administrators should be removed.