McBain v Bellamy’s Australia Ltd; Bellamy’s Australia Ltd v McBain [2018] NSWSC 1152

Supreme Court New South Wales

Medium Neutral Citation: McBain v Bellamy's Australia Ltd; Bellamy's Australia Ltd v McBain [2018] NSWSC 1152 Hearing dates: 9 July 2018 Decision date: 26 July 2018 Jurisdiction: Equity - Commercial List Before: Stevenson J Decision: Summons to be dismissed Catchwords: CORPORATIONS – listed public company - termination payment to executive officer – whether member approval obtained under s 200E of the Corporations Act 2001 (Cth) – whether members provided with sufficient information to approve termination payment – whether notice to members set out manner in which benefit to be calculated and any matter which was likely to affect calculation of value Legislation Cited: Corporations Act 2001 (Cth) Cases Cited: Bulfin v Bebarfalds Ltd (1938) 38 SR (NSW) 423 Buttonwood Nominees Pty Ltd v Sundowner Minerals NL (1986) 10 ACLR 360 Devereaux Holdings Pty Ltd v Pelsart Resources NL (No 2) (1985) 9 ACLR 956 Residues Treatment and Trading Co Ltd v Southern Resources Ltd (1988) 14 ACLR 375 Tiessen v Henderson [1899] 1 Ch 861 Texts Cited: R P Austin and A J Black, Austin & Black's Annotations to the Corporations Act (looseleaf, LexisNexis Butterworths) W Lonergan, The Valuation of Businesses, Shares and Other Equity (4th ed, 2003, Allen & Unwin) Category: Principal judgment Parties: Laura McBain (Plaintiff/Cross-Defendant) Bellamy's Australia Limited (Defendant/Cross-Claimant) Representation: Counsel: J K Kirk SC with N D Oreb (Plaintiff/Cross-Defendant) I M Jackman SC with V Brigden (Defendant/Cross-Claimant)