In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust (No 2) [2018] NSWSC 1995

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust (No 2) [2018] NSWSC 1995 Hearing dates: 5 December 2018 Decision date: 20 December 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: Judicial advice given that ILFML would be justified in implementing the proposed trust scheme. Catchwords: CORPORATIONS – arrangements and reconstructions – application under s 63 of the Trustee Act 1925 (NSW) for judicial advice with respect to the implementation of trust scheme – whether scheme is fair and reasonable so that an intelligent and honest person who was a unitholder, properly informed and acting alone, might approve it. Legislation Cited: - Corporations Act 2001 (Cth) ss 411, 601GC, 611 - Trustee Act 1925 (NSW) s 63 Cases Cited: - Fiducian Portfolio Services Ltd v Fiducian Investment Management Services Ltd (No 2) [2015] FCA 95; (2015) 228 FCR 587 - Re Australand Holdings Limited [2005] NSWSC 835; (2005) 219 ALR 728 - Re BIS Finance Pty Ltd [2018] NSWSC 3 - Re Boart Longyear Ltd (No 2) [2017] NSWSC 1105; (2017) 323 FLR 241 - Re Homemaker Retail Management Ltd [2001] NSWSC 1058; (2001) 40 ACSR 116 - Re Mirvac Ltd [1999] NSWSC 457; (1999) 32 ACSR 107 - Re Permanent Trustee Co Ltd [2002] NSWSC 1177; (2002) 43 ACSR 601 - Re Seven Network Limited (No 3) [2010] FCA 400; (2010) 77 ACSR 701 - Re The Hills Motorway Ltd [2002] NSWSC 897; (2002) 43 ACSR 101 Category: Principal judgment Parties: Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust (Plaintiff) Representation: Counsel: P M Wood/N M Bender (Plaintiff) D R Sulan (Oxford Property Group)