In the matter of TEN Network Holdings Limited (Admins Apptd) (Recs and Mgrs Apptd) and Others [2017] NSWSC 1247

Supreme Court New South Wales

Medium Neutral Citation: In the matter of TEN Network Holdings Limited (Admins Apptd) (Recs and Mgrs Apptd) and Others [2017] NSWSC 1247 Hearing dates: 12 and 13 September 2017 Decision date: 18 September 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Further Amended Originating Process be dismissed with costs. Catchwords: CORPORATIONS — Voluntary administration — Deed of company arrangement – where deed to be put to second creditors' meeting – whether s 439A report inadequate – whether deed proponent and members entitled to vote – whether orders should be made as to voting entitlements Legislation Cited: - Broadcasting Legislation Amendment (Broadcasting Reform) Bill 2017 (Cth) - Corporations Act 2001 (Cth), Pt 5.3A, Ch 6CA, ss 437A, 439A, 439B(2), 439C, 444F, 444GA, 445D, 447A, 447D, 563A, 600A, 600K, 600H, 1324, 1605, 1615, Sch 2 ss 75-41, 90-15–90-20 - Corporations Amendment (Sons of Gwalia) Bill 2010 (Cth) - Corporations Regulations 2001 (Cth), reg 5.6.23, Sch 8 cl 8201(a) - Court Suppression and Non-publication Orders Act 2010 (NSW) - Insolvency Practice Rules (Corporations) 2016 (Cth), rr 75-85, 75-225 - Personal Property Securities Act 2009 (Cth) - Supreme Court (Corporation) Rules 1999 (NSW), r 2.13 Cases Cited: - Australian Securities and Investments Commission v Edge [2007] VSC 170; (2007) 211 FLR 137 - Bathurst City Council v Event Management Specialist Pty Ltd [2001] NSWSC 34; (2001) 36 ACSR 732 - DSG Holdings Australia Pty Ltd v Helenic Pty Ltd [2014] NSWCA 96; (2014) 86 NSWLR 293 - Fleet Broadband Holdings Pty Ltd v Paradox Digital Pty Ltd [2005] WASC 261; (2005) 228 ALR 598 - Hagenvale Pty Ltd v Depela Pty Ltd (1995) 17 ACSR 139 - Hamilton v National Australia Bank Ltd (1996) 66 FCR 12 - Lam Soon Australia Pty Ltd (administrator appointed) v Molit (No 55) Pty Ltd [1996] FCA 899; (1996) 70 FCR 34; 22 ACSR 169 - Lehman Brothers Holdings Inc v City of Swan [2010] HCA 11; (2010) 240 CLR 509 - Le Meilleur Pty Ltd v Jin Heung Mutual Savings Bank Co Ltd [2011] NSWSC 1115; (2011) 256 FLR 240 - Mighty River International Ltd v Hughes [2017] WASC 152 - Re Atlas Iron Ltd [2016] FCA 366; (2016) 112 ACSR 554 - Re Bevillesta Pty Ltd [2011] NSWSC 417; (2011) 84 ACSR 215 - Re Boart Longyear Ltd (No 2) [2017] NSWSC 1105 - Re Bolton; Ex Parte Beane [1987] HCA 12; (1987) 162 CLR 514 - Re Mirabela Nickel Ltd (subject to Deed of Company Arrangement) [2014] NSWSC 836 - Re Pan Pharmaceuticals Ltd [2003] FCA 598; (2003) 46 ACSR 77 - Re QRx Pharma Ltd [2015] FCA 1140; (2015) 235 FCR 456 - Re Recycling Holdings Pty Ltd [2015] NSWSC 1016; (2015) 107 ACSR 406 - Traivelog Pty Ltd v Electro Metals Technologies Ltd [2015] QSC 27 - Woodside Energy v Federal Commissioner of Taxation [2009] FCAFC 12; (2009) 174 FCR 91 - Young v Sherman [2002] NSWCA 281; (2002) 20 ACLC 1559 Texts Cited: - Australian Law Reform Commission report no 45, General Insolvency Inquiry (1988) - Australian Restructuring, Insolvency & Turnaround Association, ARITA Code of Professional Practice (3rd ed, 2014) - Australian Securities and Investments Commission, Regulatory Guide 82: External administration: Deeds of company arrangement involving a creditors' trust (2005) - D Cowling, "Sons of Gwalia: Back to Court?" (2011) Butterworths Corporations Law Bulletin [1] Category: Principal judgment Parties: WIN Corporation Pty Ltd (First Plaintiff) Birketu Pty Ltd (Second Plaintiff) Andrew Lancaster (Third Plaintiff) Mark Korda (First Defendant) Jarrod Villiani (Second Defendant) Jenny Nettleton (Third Defendant) Ten Network Holdings Ltd (Admins Apptd) (Recs and Mgrs Appointed) (Fourth Defendant) The Ten Group Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd (Fifth Defendant) Network Ten Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Sixth Defendant) Network Ten (Sydney) Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Seventh Defendant) Network Ten (Brisbane) Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Eighth Defendant) Network Ten (Melbourne) Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Ninth Defendant) Network Ten (Perth) Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Tenth Defendant) Network Ten (Adelaide) Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Eleventh Defendant) Caprice Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Twelfth Defendant) Chartreuse Pty Ltd (Admins Apptd) (Recs and Mgrs Apptd) (Thirteenth Defendant) Television & Telecasters (Properties) Pty Ltd (Admins Apptd) (Fourteenth Defendant) Ten Online Pty Ltd (Admins Apptd) (Fifteenth Defendant) Ten Ventures Pty Ltd (Admins Apptd) Sixteenth Defendant) Ten Employee Share Plans Pty ltd (Admins Apptd) (Seventeenth Defendant) CBS International Television Australia Pty Ltd (Eighteenth Defendant) CBS Broadcasting, Inc. (Nineteenth Defendant) Showtime Distribution B.V. (Twentieth Defendant) Twentieth Century Fox Film Corporation (Australia) Pty Ltd (Intervening Party) Representation: Counsel: A S Bell SC/D F C Thomas/D Hume (Plaintiffs) R McHugh SC/T L Wong (1st to 17th Defendants) J A C Potts SC/P Kulevski (18th to 20th Defendants) I R Pike SC/C N Bova (Intervening Party)