Re Afterpay Ltd

In the matter of Afterpay Ltd, the Court was asked to consider an application by the company to convene a meeting of its members to consider and potentially approve a proposed scheme of arrangement. The application was made under section 411 of the Corporations Act 2001 (Cth). The central issue before the Court was whether the necessary conditions were fulfilled to order a meeting of members to deliberate on and potentially approve the proposed scheme of arrangement. Specifically, the Court needed to determine whether the company had met the statutory requirements set forth in the Act to convene such a meeting.

The Court thoroughly examined the statutory provisions and the circumstances of the case to assess whether the company had satisfied the criteria for convening a meeting under section 411. It was necessary to confirm that the company had complied with all procedural prerequisites, including the proper preparation and distribution of relevant documents to the members. The Court also considered whether the proposed scheme was fair and reasonable to the members, as required by the law. After careful deliberation, the Court concluded that the company had met all the necessary conditions to convene the meeting.

Having found that the statutory requirements were satisfied, the Court ordered that a meeting of the members of Afterpay Ltd be convened. The members were to consider and, if thought fit, approve the proposed scheme of arrangement. This decision allowed the company to proceed with its planned restructuring, subject to the approval of its members. The Court's ruling was based on a detailed examination of the legal framework and the specific facts of the case, ensuring that all procedural and substantive requirements were met.