MATTER: ONE FUNDS MANAGEMENT LTD AS TRUSTEE FOR THE PERTH MARKETS LAND TRUST
BETWEEN: ONE FUNDS MANAGEMENT LIMITED AS TRUSTEE FOR THE PERTH MARKETS LAND TRUST
Applicant
Catchwords:
Corporations law - Scheme of arrangement - Application for orders convening scheme meeting under s 411(1) of the Corporations Act 2001 (Cth) - Whether requirements to order scheme meeting are satisfied - Orders made convening meeting
Corporations - Application for directions by trustee under s 92 of the Trustee Act 1962 (WA) - Whether within jurisdiction to make the directions sought - Approach to be taken to trust scheme - Whether proposed amendments are within the powers of alteration conferred by the constitution of the trust - Whether trustee required to serve application on all unitholders
Corporations law - Scheme of arrangement - Application for orders approving the scheme under s 411(b) of the Corporations Act 2001 (Cth) - Orders made approving scheme - Reservation of liberty to apply
Corporations - Application for directions by trustee under s 92 of the Trustees Act 1962 (WA) - Second court hearing - Relevant considerations
In the matter of Investa Funds Management Limited (No 2) [2018] NSWSC 1995
Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar The Diocesan Bishop of The Macedonian Orthodox Diocese of Australia and New Zealand [2008] HCA 42; (2008) 237 CLR 66
[14] The appellant contends that the primary judge erred in finding that the respondent had discharged the onus of establishing the matters required under the relevant provision.
[15] It was submitted that his Honour failed to give adequate weight to the evidence of the second witness, and that the findings of fact were not reasonably open on the material before the Court.
[16] The respondent, for its part, submits that no error is disclosed, and that the conclusions reached were well within the range of outcomes available to the primary judge.
Consideration
[17] It is convenient to deal first with the question of construction, as the resolution of that issue informs the remaining grounds advanced by the appellant.
[18] For the reasons that follow, we are of the view that the appeal should be allowed in part and the matter remitted for further determination.
Continue reading PERTH MARKETS LTD
Sign in free to access the full text
Details
AGLC
PERTH MARKETS LTD [2019] WASC 417
Case
[2019] WASC 417
Decision Date
CaseChat Overview and Summary
Perth Markets Limited was a party in a legal dispute that was heard by the Supreme Court of Western Australia. The primary issue was whether the requirements for convening a scheme meeting under section 411(1) of the Corporations Act 2001 (Cth) were satisfied. Additionally, the court was asked to consider whether it had the jurisdiction to provide the directions sought by the trustee under section 92 of the Trustee Act 1962 (WA). The trustee sought directions to amend the trust scheme, and the court had to determine if the proposed amendments were within the powers of alteration conferred by the trust's constitution. Furthermore, the court was required to decide if the trustee was required to serve the application on all unitholders.
The court first examined whether the requirements for convening a scheme meeting were met. It concluded that the application satisfied the criteria, and thus, it ordered the convening of the scheme meeting. Regarding the jurisdiction to make the directions sought by the trustee, the court determined that it had the necessary jurisdiction under section 92 of the Trustee Act 1962 (WA). The court then addressed the proposed amendments to the trust scheme, finding that they were within the powers of alteration conferred by the trust's constitution. Finally, the court decided that the trustee was not required to serve the application on all unitholders.
Following its findings, the court made orders approving the scheme and reserving the liberty to apply. The court also provided the trustee with the directions sought under section 92 of the Trustee Act 1962 (WA), taking into account the relevant considerations in making those directions. This comprehensive approach ensured that all aspects of the trust scheme and the scheme of arrangement were adequately addressed.