In the matter of Villa World Limited [2019] NSWSC 1207

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Villa World Limited [2019] NSWSC 1207 Hearing dates: 6 September 2019 Date of orders: 06 September 2019 Decision date: 11 September 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made convening scheme meeting and approving the scheme booklet for distribution. 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 – where director with an interest in performance rights has recommended scheme – whether director can make such a recommendation – whether requirements to order scheme meeting are satisfied. Legislation Cited: - Corporations Act 2001 (Cth) Pt 5.1; ss 195, 195(2), 411, 411(1), 411(17)(b), 412(1)(a), 1319 - Corporations Regulations 2001 (Cth) reg 5.1.01(1)(b); Sch 8, reg 8301(a) - Supreme Court (Corporations) Rules 1999 (NSW) Cases Cited: - Australian Securities Commission v Marlborough Gold Mines Ltd (1993) 177 CLR 485 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - Re Abacus Funds Management Ltd [2005] NSWSC 1309; (2006) 24 ACLC 211 - Re Alinta Ltd (No 2) [2007] FCA 1378 - Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400 - Re Ardent Leisure Limited [2018] NSWSC 1665 - Re Associated Advisory Practices Limited [2013] FCA 761 - Re Atlas Iron Ltd [2016] FCA 366; (2016) 112 ACSR 554 - Re AXA Asia Pacific Holdings Ltd [2011] VSC 4 - Re BIS Finance Pty Ltd [2017] NSWSC 1713 - Re Centrebet International Ltd [2011] FCA 870 - Re Coles Group Limited [2007] VSC 389; (2007) 25 ACLC 1380 - Re CSR Ltd [2010] FCAFC 34; (2010) 183 FCR 358 - Re DUET Finance Ltd [2017] NSWSC 415 - Re Foster's Group Ltd (No 2) [2011] VSC 547 - Re Foundation Healthcare Ltd [2002] FCA 742; (2002) 42 ACSR 252 - Re Gazal Corporation Ltd [2019] FCA 701 - Re Hostworks Group Ltd [2008] FCA 64; (2008) 26 ACLC 137 - Re Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust [2018] NSWSC 1766 - Re Kidman Resources Ltd [2019] FCA 1226 - Re Macquarie Private Capital A Limited [2008] NSWSC 323; (2008) 26 ACLC 366 - Re Navitas Ltd (No 2) [2019] WASC 218 - Re Nzuri Copper Ltd [2019] WASC 189 - Re Opes Prime Stockbroking Limited [2009] FCA 813; (2009) 179 FCR 20 - Re Ruralco Holdings Ltd [2019] FCA 878 - Re SAI Global Ltd [2016] FCA 1312 - Re SFE Corporation Ltd [2006] FCA 670; (2006) 59 ACSR 82 - Re SMS Management & Technology Ltd [2017] VSC 257 - Sovereign Life Assurance Company v Dodd [1892] 2 QB 573 Category: Principal judgment Parties: Villa World Limited (Plaintiff) AVID Property Group Australia Pty Limited (Interested Party) Representation: Counsel: I M Jackman SC (Plaintiff) M Oakes SC (Interested Party)