In the matter of BIS Finance Pty Limited; In the matter of Artsonig Pty Limited [2017] NSWSC 1713

Supreme Court New South Wales

Medium Neutral Citation: In the matter of BIS Finance Pty Limited; In the matter of Artsonig Pty Limited [2017] NSWSC 1713 Hearing dates: 17 November 2017 Decision date: 08 December 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court orders pursuant to s 411 of the Corporations Act 2001 (Cth) that the Plaintiffs convene meetings of creditors for the purpose of considering and, if thought fit, agreeing to the proposed schemes of arrangement. Catchwords: CORPORATIONS — Scheme of arrangement — Application for order convening meetings of creditors to consider schemes of arrangement – where two interdependent creditors' schemes proposed to effect broader restructuring – where schemes provide for debt-to-equity swap, standstill period and variation of loan documentation – whether requirements to order scheme meetings satisfied – appointment of foreign representative. Legislation Cited: - Corporations Act 2001 (Cth), ss 411, 412(1) - Securities Act 1933 (US), s 3(a)(10) - Supreme Court (Corporations) Rules 1999 (NSW), rr 2.13, 3.2 - United States Bankruptcy Code Cases Cited: - Australian Securities Commission v Marlborough Gold Mines Ltd [1993] HCA 15; (1993) 177 CLR 485 - Bacnet Pty Ltd v Lift Capital Partners Pty Ltd (in liq) [2010] FCAFC 36; (2010) 183 FCR 384; 78 ACSR 57 - Centro Properties Ltd v PricewaterhouseCoopers [2011] NSWSC 1465; (2011) 86 ACSR 584 - First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116; (2017) 121 ACSR 136 - Fowler v Lindholm [2009] FCAFC 125; (2009) 178 FCR 563; 74 ACSR 124 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - Nicron Resources Ltd v Catto (1992) 8 ACSR 219 - Re Apcoa Parking (UK) Ltd [2014] EWHC 997; 2 All ER (Comm) 1074; 2 BCLC 285 - Re Apcoa Parking Holdings GmbH [2014] EWHC 1867 - Re Atlas Iron Ltd [2016] FCA 366; (2016) 112 ACSR 554 - Re AWB Ltd [2010] VSC 456 - Re Boart Longyear Ltd [2017] NSWSC 537; (2017) 318 FLR 226 - Re Boart Longyear Ltd [2017] NSWSC 567; (2017) 121 ACSR 328 - Re Boart Longyear Ltd (No 2) [2017] NSWSC 1105 - Re Bulong Nickel Pty Ltd [2002] WASC 226; (2002) 26 WAR 466 - Re Capel Finance Ltd [2005] NSWSC 286; (2005) 52 ACSR 601; 23 ACLC 527 - Re Castle Holdco 4 Ltd [2009] EWHC 3919 - Re Cortefiel, SA [2012] EWHC 2998 - Re CSR Ltd [2010] FCAFC 34; (2010) 183 FCR 358; 77 ACSR 592 - Re Dorman Long & Co Ltd; In re South Durham Steel & Iron Company Ltd [1934] Ch 635; [1933] All ER Rep 460 - Re DUET Finance Ltd [2017] NSWSC 415 - Re Foundation Healthcare Ltd [2002] FCA 742; (2002) 42 ACSR 252 - Re Glencore Nickel Pty Ltd [2003] WASC 18; (2003) 44 ACSR 210 - Re HIH Casualty and General Insurance Ltd [2006] NSWSC 485; (2006) 200 FLR 243; 57 ACSR 791 - Re International Harvester Co of Australia Pty Ltd [1953] VLR 669 - Re iProperty Group Ltd [2015] FCA 1507 - Re Leamon Consolidated (Vic) Pty Ltd (1985) 10 ACLR 263 - Re Metinvest BV [2016] EWHC 372 - Re National Australia Bank Ltd [2016] VSC 62 - Re Nine Entertainment Group Ltd (No 1) [2012] FCA 1464; (2012) 211 FCR 439 - Re Nine Entertainment Group Ltd (No 2) [2013] FCA 40 - Re NRMA Ltd [2000] NSWSC 82; (2000) 156 FLR 349; 33 ACSR 595 - Re Pheon Pty Ltd (1986) 47 SASR 427; 86 FLR 289; 11 ACLR 142 - Re Recall Holdings Ltd (No 2) [2016] FCA 419 - Re Simavita Holdings Ltd [2013] FCA 1274 - Re Sylvastate Ltd [2011] FCA 211 - Re Veda Group Ltd [2015] FCA 1506 - Sovereign Life Assurance Co v Dodd [1892] 2 QB 573 Category: Procedural and other rulings Parties: Proceedings 2017/333466 BIS Finance Pty Limited (Plaintiff)