Aldridge Uranium Limited, in the matter of Aldridge Uranium Limited

Aldridge Uranium Limited applied for an order convening a meeting of its creditors for the purpose of proposing a compromise or arrangement. The company was in external administration under the Corporations Act. The application was made pursuant to Part 5.1 of Chapter 5 of the Corporations Act headed ‘External Administration’. The relevant parts of section 411 were in the following terms: the court may order a meeting to be convened if a compromise or arrangement is proposed between a Part 5.1 body and its creditors or any class of them. The court must not make an order unless certain conditions are met, including that ASIC has had a reasonable opportunity to examine the terms of the proposed compromise or arrangement and to make submissions to the court. The court must not approve a compromise or arrangement unless it is satisfied that the compromise or arrangement has not been proposed for the purpose of enabling any person to avoid the operation of any of the provisions of Chapter 6. The court may approve a compromise or arrangement subject to such alterations or conditions as it thinks just. The court may, by order, exempt a body from compliance with subsection (11) or determine the period during which the body must comply with that subsection.
The court considered the application and the submissions made by the applicant, the liquidator, and ASIC. The court was satisfied that the application met the requirements of section 411 and that ASIC had had a reasonable opportunity to examine the terms of the proposed compromise or arrangement and to make submissions to the court. The court was also satisfied that the compromise or arrangement had not been proposed for the purpose of enabling any person to avoid the operation of any of the provisions of Chapter 6. The court approved the compromise or arrangement subject to certain conditions, including that a copy of the court’s order be annexed to every copy of the constitution of the body issued after the order had been made.

The court made an order convening a meeting of the creditors of Aldridge Uranium Limited for the purpose of proposing a compromise or arrangement. The order was subject to certain conditions, including that a copy of the court’s order be annexed to every copy of the constitution of the body issued after the order had been made. The court’s order did not have any effect until an office copy of the order was lodged with ASIC, and upon being so lodged, the order took effect on and from the date of lodgment or such earlier date as the court determined and specified in the order.