Application by Permanent Custodians Limited (ACN 001 426 384) [2017] NSWSC 1618

Supreme Court New South Wales

Medium Neutral Citation: Application by Permanent Custodians Limited (ACN 001 426 384) [2017] NSWSC 1618 Hearing dates: 22 November 2017 Date of orders: 23 November 2017 Decision date: 23 November 2017 Jurisdiction: Equity Before: Slattery J Decision: Judicial Advice given as sought in the Further Amended Summons. Catchwords: Judicial advice – Trustee Act, s 63 – trustees for bondholders under a debt facility seek to enter deeds to facilitate the refinancing of the debt facility by paying out certain bondholders but with some other bondholders continuing to participate as members of the refinanced debt facility - whether the trustees are justified in relying on particular resolutions of senior and junior bondholders as an instruction to enter into the documents constituting the refinanced debt facility – whether the trustees are justified in treating outgoing bondholders as "fully paid" under the existing debt financing documents upon entry into the proposed refinancing arrangements. Legislation Cited: Trustee Act 1925, s 63 Cases Cited: Castle Hill Joinery and Interiors Pty Ltd (as trustee for the Gladstone Road Trust) [2013] NSWSC 1525 Macedonian Orthodox Community Church St Petka Incorporated v His Eminence Petar the Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand (2008) 237 CLR 66 Marley v Mutual Security Merchant Bank and Trust Co Ltd [1991] 3 All ER 198 Reliance Rail Pty Limited v Permanent Custodians Limited (2017) 122 ACSR 317 Category: Procedural and other rulings Parties: Plaintiffs: Scott Harris, Hogan Lovells Representation: Counsel: