In the matter of Wiggins Island Coal Export Terminal Pty Ltd [2019] NSWSC 831

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Wiggins Island Coal Export Terminal Pty Ltd [2019] NSWSC 831 Hearing dates: 30 May 2019, 14 June 2019 Decision date: 03 July 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: First Court hearing Orders made convening scheme meetings and approving the scheme booklet for distribution to Junior Financiers.

Second Court hearing Orders made approving scheme of arrangement between the Plaintiff and the Junior Financiers under s 411 of the Corporations Act 2001 (Cth). Catchwords: CORPORATIONS – arrangements and reconstructions – schemes of arrangement or compromise – application under s 411 of the Corporations Act 2001 (Cth) for orders convening meetings of members to consider and, if thought fit, approve a proposed scheme of arrangement – whether requirements to order scheme meetings are satisfied.

CORPORATIONS – arrangements and reconstructions – schemes of arrangement or compromise – application under s 411 of the Corporations Act 2001 (Cth) for orders approving proposed scheme of arrangement – whether scheme is fair and reasonable so that an intelligent and honest member of the relevant class, properly informed and acting alone, might approve it. Legislation Cited: - Corporations Act 2001 (Cth) Ch 6, Pt 5.1, ss 411, 411(1), 411(3), 411(4)(b), 411(6), 411(17), 412(1), 412(1)(a) - Corporations Regulations 2001 (Cth) regs 5.1.01, 5.6.11-5.6.36A, Sch 8 - Insolvency Practice Rules (Corporations) 2016 (Cth) - Supreme Court (Corporations) Rules 1999 (NSW) rr 2.15, 3.2, 3.4 Cases Cited: - Australian Securities Commission v Marlborough Gold Mines Ltd [1993] HCA 15; (1993) 177 CLR 485 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116; (2017) 121 ACSR 136 - Nicron Resources Ltd v Catto (1992) 8 ACSR 219 - Re ACM Gold Ltd (1992) 34 FCR 530; 107 ALR 359; 7 ACSR 231; 10 ACLC 573 - Re Atlas Iron Ltd (2016) 112 ACSR 554 - Re Atlas Iron Ltd (No 2) [2016] FCA 481 - Re BIS Finance Pty Ltd [2017] NSWSC 1713 - Re BIS Finance Pty Ltd [2018] NSWSC 3 - Re Boart Longyear Ltd [2017] NSWSC 567 - Re Centrebet International Ltd [2011] FCA 870 - Re Centro Properties Ltd [2011] NSWSC 1465; (2011) 86 ACSR 584 - Re CSR Ltd [2010] FCAFC 34; (2010) 183 FCR 358 - Re David Jones Ltd (No 3) [2014] FCA 753 - Re DUET Finance Ltd [2017] NSWSC 415 - Re Foundation Healthcare Ltd [2002] FCA 742; (2002) 42 ACSR 252 - Re HIH Casualty and General Insurance Ltd [2006] NSWSC 485; (2006) 200 FLR 243 - Re SAI Global Ltd [2016] FCA 1312 - Re Seven Network Ltd (No 3) [2010] FCA 400; (2010) 267 ALR 583 - Re Viralytics Ltd [2018] FCA 637 - Re Wiggins Island Coal Export Terminal Pty Ltd [2018] NSWSC 1342 - Sovereign Life Assurance Co v Dodd [1892] 2 QB 573 Category: Principal judgment Parties: Wiggins Island Coal Export Terminal Pty Ltd (Plaintiff) Representation: Counsel: J R Lockhart SC/M McMeniman (Plaintiff) D R Sulan (30 May 2019); J Redwood (14 June 2019) (CBA Corporate Services (Vic) Pty Limited)