In the matter of Kupang Resources Limited (subject to Deed of Company Arrangement) (receivers and managers appointed) [2016] NSWSC 1895

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Kupang Resources Limited (subject to Deed of Company Arrangement) (receivers and managers appointed) [2016] NSWSC 1895 Hearing dates: 16 November 2016 (last submissions dated 6 December 2016) Decision date: 14 December 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court orders that the Plaintiff be granted leave to transfer all of the shares in Kupang Resources Limited (subject to deed of company arrangement) ("Kupang") to International Litigation Partners Pte Limited pursuant to the Deed of Company Arrangement executed on 9 September 2015. The costs of the application be the costs of the Plaintiff in the course of the Deed of Company Arrangement of Kupang. Catchwords: CORPORATIONS — Voluntary administration — Deed of company arrangement — Application by deed administrator for leave to transfer shares in company under s 444GA of the Corporations Act 2001 (Cth) – where evidence demonstrated that if leave was not granted there would be no alternative to the company being wound up and that there would be no return to shareholders in a winding up – whether transfer of shares would unfairly prejudice the interests of members of the company. Legislation Cited: - Corporations Act 2001 (Cth), ss 436C, 439A, 444GA, 447A, 588FB, 588FH, 655A, Ch 6 - Corporations Amendment (Insolvency) Act 2007 (Cth) Cases Cited: - Kupang Resources Ltd v International Litigation Partners Pte Limited [2015] WASCA 89 - Lewis, Re Diverse Barrel Solutions Pty Ltd (subject to deed of company arrangement) [2014] FCA 53 - Pilmer v Duke Group Ltd (in liq) [2001] HCA 31; (2001) 207 CLR 165 - Ramsay v BigTinCan Pty Ltd [2014] NSWCA 324; (2014) 101 ACSR 415 - Re BCD (Operations) NL (subject to deed of company arrangement) [2014] VSC 259; (2014) 100 ACSR 450 - 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; (2014) 105 ACSR 246 - Weaver (in their capacity as joint and several deed administrators of Midwest Vanadium Pty Ltd) v Noble Resources Ltd [2010] WASC 182; (2010) 41 WAR 301 Category: Principal judgment Parties: Damien Mark Hodgkinson (in his capacity as deed administrator of Kupang Resources Limited (subject to Deed of Company Arrangement) (receivers and managers appointed) (Plaintiff) Representation: Counsel: C Withers/S Hartford-Davis (Plaintiff) M Izzo (Australian Securities and Investments Commission as amicus curiae)