Snowside Pty Ltd as trustee for the Snowside Trust v Boart Longyear Ltd [2017] NSWCA 215

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Snowside Pty Ltd as trustee for the Snowside Trust v Boart Longyear Ltd [2017] NSWCA 215 Hearing dates: 28 August 2017 Decision date: 29 August 2017 Before: Bathurst CJ; Beazley P; Leeming JA Decision: 1. Grant leave to appeal. 2. Direct the applicants to file a notice of appeal in the terms of the draft notice in the White Folder, and otherwise dispense with the requirements as to service. 3. Appeal dismissed with costs. Catchwords: CORPORATIONS – arrangements and reconstructions – schemes of arrangement or compromise – creditors' schemes approved by Court with material alterations from schemes considered at meetings – whether power under s 411(6) of the Corporations Act 2001 (Cth) extended to alterations which were material or substantial – whether power available where creditors' approval was expressed to be limited to alterations which did not affect substance of scheme – primary judge correct to hold power available – appeal dismissed Legislation Cited: Corporations Act 2001 (Cth), ss 411, 447A Cases Cited: Australasian Memory Pty Ltd v Brien (2000) 200 CLR 270; [2000] HCA 30 First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116 In the matter of Boart Longyear Ltd [2017] NSWSC 567 Kempe v Ambassador Insurance Co (in liq) [1998] 1 WLR 271 Re Investorinfo Ltd [2005] FCA 1848 Re Matine Ltd (1998) 28 ACSR 268 Re Permanent Trustee Co Ltd [2002] NSWSC 1177; 43 ACSR 601 Texts Cited: T Damian and A Rich, Schemes, Takeovers and Himalayan Peaks (3rd ed, 2013, University of Sydney) I A Renard et al, Takeovers and Reconstructions in Australia (LexisNexis, looseleaf) Category: Principal judgment Parties: Snowside Pty Ltd as trustee for the Snowside Trust (First Applicant) Maurici Nominees Pty Ltd as trustee for AP Maurici & Associates Pty Ltd Superannuation Fund (Second Applicant)