First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116 Hearing dates: 23 May 2017 Date of orders: 26 May 2017 Decision date: 26 May 2017 Before: Bathurst CJ at [1]; Beazley P at [106]; Leeming JA at [107] Decision: 1. Grant the applicant leave to appeal.

2. Direct the applicant to file a Notice of Appeal in the form of the draft notice of appeal contained at tab 2 in volume 1 of the white book within 7 days.

3. Dismiss the appeal.

4. Order that the appellant pay the respondents' costs of the appeal. Catchwords: CORPORATIONS – arrangements and reconstructions – schemes of arrangement or compromise – applications under s 411 of the Corporations Act 2001 (Cth) for orders convening meetings of members to consider and if thought fit to agree to proposed schemes of arrangement – whether primary judge erred in finding that the secured creditors could be placed in the same class for the purposes of voting on proposed scheme of arrangement – whether primary judge misapplied the authorities relating to the composition of separate classes in respect of schemes of arrangement – whether primary judge erred in failing to hold that the differences in rights between the secured creditors made it impossible for them to consult together with a view to their common interest Legislation Cited: Corporations Act 2001 (Cth) ss 249N, 411. Cases Cited: Australian Securities Commission v Marlborough Gold Mines Ltd (1993) 177 CLR 485; [1993] HCA 15 Centro Properties Ltd v PricewaterhouseCoopers (2011) 86 ACSR 584; [2011] NSWSC 1465 F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 Re APCOA Parking Holdings GmbH and others (No 2) [2015] 4 All ER 572; [2014] EWHC 3849 (Ch) Re Chevron (Sydney) Ltd [1963] VR 249 Re Cortefiel SA [2012] EWHC 2998 (Ch) Re Hellenic & General Trust Ltd [1976] 1 WLR 123 Re HIH Casualty and General Insurance Ltd (2006) 200 FLR 243; [2006] NSWSC 485 Re Hills Motorway Ltd (2002) 43 ACSR 101; [2002] NSWSC 897 Re Jax Marine Pty Ltd [1967] 1 NSWR 145 Re Kumarina Resources Ltd [2013] FCA 549 Re MAC Services Group Ltd (2010) 80 ACSR 390; [2010] NSWSC 1316 Re Nine Entertainment Group Ltd (No 1) (2012) 211 FCR 439; [2012] FCA 1464, Re NRMA Insurance Ltd (2000) 156 FLR 349; [2000] NSWSC 82 Re Opes Prime Stockbroking Ltd (No 2) (2009) 179 FCR 20; [2009] FCA 813 Re Orica Ltd [2010] VSC 231 Re T & N Ltd (No 4) [2007] 1 All ER 851; [2006] EWHC 1447 (Ch) Re Telewest Communications PLC [2004] BCC 342; [2004] EWHC 924 (Ch) Re United Medical Protection Ltd [2007] FCA 631 Sovereign Life Assurance Company v Dodd [1892] 2 QB 573 UDL Argos Engineering & Heavy Industries Co Ltd v Li Oi Lin [2001] 3 HKLRD 634 Category: Principal judgment Parties: First Pacific Advisors LLC (Applicant) Boart Longyear Limited (First Respondent) Boart Longyear Management Pty Ltd (Second Respondent) Boart Longyear Australia Pty Ltd (Third Respondent) Votraint No. 1609 Pty Ltd (Fourth Respondent) Ares Management LP (Intervening Creditor) Ascribe II Investments LLC (Intervening Creditor) Centerbridge Partners LP (Intervening Creditor) Representation: Counsel: J Gleeson SC / T Wong (Applicant) R G McHugh SC / M A Izzo (Respondents) P M Wood (Ares Management LP/Ascribe II Investments LLC) M Oakes SC (Centerbridge Partners LP)