Barrick (Australia Pacific Exploration) Pty Ltd v Barrick (PD) Australia Pty Ltd

Barrick (Australia Pacific Exploration) Pty Ltd and five other companies (the plaintiffs) applied for orders to convene meetings to consider proposed schemes of arrangement involving the plaintiffs. The defendants opposed the application on several grounds. The court was required to decide whether the application should be granted and, if so, what orders should be made. The plaintiffs sought orders for the convening of meetings to consider the proposed schemes of arrangement. The principal questions at this stage were whether there were compromises or arrangements, whether there were members or creditors of a company, whether there were classes of members or creditors, and whether the court should make orders to convene meetings. The court found that the proposed arrangements were compromises or arrangements within the meaning of the Corporations Act 2001 (Cth), that there were members of the companies, and that the court should make orders to convene meetings. The court found that the plaintiffs had made out a prima facie case for convening meetings and that the application should be granted.

The court made orders convening meetings to consider the proposed schemes of arrangement and approving an explanatory statement subject to minor amendments. The court also made orders regarding the convening, holding, and conduct of the meetings, the appointment of a chairperson, the quorum, and the recording of resolutions. The court extended the time for lodging the explanatory statement with ASIC and exempted the plaintiffs from certain procedural requirements. The court granted liberty to apply and ordered that the orders be entered forthwith and an office copy be lodged with ASIC.