In the matter of Vonex Limited

Vonex Limited applied to the Supreme Court of Victoria for orders convening a meeting of its members to consider a proposed scheme of arrangement. The application was brought under section 411 of the Corporations Act 2001 (Cth). The central issue before the court was whether the requirements to order a scheme meeting were satisfied. Specifically, the court needed to determine if the application had been made in good faith, if the proposed scheme had been lodged with the court, and if the scheme was likely to be beneficial to the members of the company.

The court considered the evidence presented regarding the good faith of the applicant and the likelihood of the scheme being beneficial to the members. It found that the application was made in good faith, and the scheme had been lodged with the court. The court further determined that the scheme was likely to be beneficial to the members, as it provided for the payment of dividends to the members and the winding up of the company. The court concluded that all the requirements for ordering a scheme meeting were satisfied.

Accordingly, the court made orders convening a meeting of members to consider and, if thought fit, to agree to the proposed scheme of arrangement. The court found that the application was made in good faith, and the proposed scheme had been lodged with the court. The court further found that the scheme was likely to be beneficial to the members of the company, and therefore ordered a meeting of members to be convened to consider the scheme.