Re Altium Ltd

In the case of Re Altium Ltd, the respondent, Altium Limited, applied to the court under section 411 of the Corporations Act 2001 for orders convening a meeting of members to consider and, if thought fit, to agree to a proposed scheme of arrangement. The primary dispute concerned whether the conditions for ordering such a meeting, as specified in the Act, had been met.

The legal issues before the court were whether the application met the criteria set out in section 411 of the Corporations Act 2001, which includes the requirement that the court is satisfied that the applicant has made the application in good faith and that the scheme is fair and reasonable to the members and creditors of the company. Additionally, the court had to consider if the requisite number of members and the requisite value of shares had been obtained to support the application.

The court examined the application and supporting documentation and determined that the requirements of section 411 of the Corporations Act 2001 had been satisfied. It found that the application was made in good faith and that the proposed scheme was fair and reasonable to the members and creditors of Altium Limited. The requisite number of members and the requisite value of shares were also achieved, meeting the statutory criteria for convening a scheme meeting.

Consequently, the court ordered that a meeting of members be convened to consider and, if thought fit, to agree to the proposed scheme of arrangement. This decision was based on the satisfaction of the statutory conditions and the court's determination that the application was valid and in compliance with the requirements of the Corporations Act 2001.