In the matter of Nexus Energy Ltd (subject to deed of company arrangement) [2014] NSWSC 1910

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Nexus Energy Ltd (subject to deed of company arrangement) [2014] NSWSC 1910 Hearing dates: 16 – 19 and 22 December 2014 Decision date: 24 December 2014 Jurisdiction: Common Law Before: Black J Decision: Leave granted to deed administrators for transfer of shares in company under Corporations Act 2001 (Cth) s 444GA. Catchwords: CORPORATIONS – voluntary administration – deed of company arrangement – application by deed administrators for leave to transfer shares in company under Corporations Act 2001 (Cth) s 444GA – whether transfer of shares would unfairly prejudice the interests of members of the company. Legislation Cited: - Corporations Act 2010 (Cth) ss 420A, 439A, 444GA, 444GA(1), 444GA(3), 445D, Pt 5.3A - Corporations Amendment (Insolvency) Act 2007 (Cth) - Corporations Amendment (Insolvency) Bill 2007 (Cth) - Income Tax Assessment Act 1997 (Cth) s 165-5 - Limitations of Actions Act 1974 (QLD) s 31(2) - Supreme Court (Corporations) Rules 1999 (NSW) r 2.13 Cases Cited: - Australian Securities Commission v Bank Leumi Le-Israel (1995) 134 ALR 101 - Briginshaw v Briginshaw (1938) 60 CLR 336 - Brisbane South Regional Health Authority v Taylor [1996] HCA 25; (1996) 186 CLR 541 - Elkington v Shell Australia Ltd (1992) 10 ACSR 568 - Elkington v Shell Australia Ltd (1993) 32 NSWLR 11 - Lam Soon Australia Pty Ltd v Molit (No 55) Pty Ltd (1996) 70 FCR 34; (1996) 22 ACSR 169 - Lewis, In the Matter of Diverse Barrel Solutions Pty Ltd (subject to a Deed of Company Arrangement) [2014] FCA 53 - Lindholm v Tsourlinis Distributors Pty Ltd [2010] FCA 1488 - Re BCD Resources (Operations) NL [2014] VSC 259; (2014) 100 ACSR 450 - Re Mirabela Nickel Ltd (subject to Deed of Company Arrangement) [2014] NSWSC 836 - Weaver v Noble Resources Ltd [2010] WASC 182; (2010) 41 WAR 301 Texts Cited: - Commonwealth of Australia, Legal Committee of the Companies and Securities Advisory Committee, Corporate Voluntary Administration Report, (June 1998) Category: Principal judgment Parties: Matthew Caddy, Anthony Gregory McGrath and Jason Preston in their capacities as joint and several deed administrators of Nexus Energy Ltd (subject to a deed of company arrangement) (Plaintiffs) Wingarra Pty Ltd (First Defendant) Jersey Investments Pty Ltd as trustee for Fraser Family Trust (Second Defendant) Detata's Pty Ltd (Third Defendant) Bellevue Holdings Company Pty Ltd (Fourth Defendant) Andrew Greig (Fifth Defendant) Tess Aust Pty Ltd (Sixth Defendant) Hannon Group Pty Ltd (Seventh Defendant) Alybrit Investments Pty Ltd (Eighth Defendant) Mayburys Pty Ltd as trustee for Carmich Superannuation Fund (Ninth Defendant) Vicsom Nominees Pty Ltd (Tenth Defendant) Peter Edwards (Eleventh Defendant) VBS Investments Pty Ltd (Twelfth Defendant) Pineross No 2 Investments Pty Ltd (Thirteenth Defendant) Kippilaw Pastoral Pty Ltd (Fourteenth Defendant) Ian James (Fifteenth Defendant) Peter Evans (Sixteenth Defendant) Hendrik Snyman (Seventeenth Defendant) Representation: Counsel: J Simpkins SC/P Holmes (Plaintiffs) C R Newlinds SC/J Wright (Defendants) R G McHugh SC/D F C Thomas (Network Investment Holdings Ltd)