PERTH MARKETS LTD

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.