Re iSelect Ltd (No 2)

Case [2022] FCA 1528

FEDERAL COURT OF AUSTRALIA

iSelect Limited, in the matter of iSelect Limited (No 2) [2022] FCA 1528    

File number: VID 573 of 2022
Judgment of: ANDERSON J
Date of judgment: 16 December 2022
Catchwords: CORPORATIONS – scheme of arrangement – second court hearing – approval of scheme – approval granted   
Legislation:

Corporations Act 2001 (Cth)

Federal Court (Corporations) Rules 2000 (Cth)
Cases cited:

In the matter of iSelect Ltd [2022] FCA 1329

Re 86 400 Holdings Ltd (No 2) [2021] FCA 524

Re ACM Gold Ltd & Mt Leyshon Gold Mines Ltd (1992) 34 FCR 530

Re Afterpay Limited [2021] NSWSC 1709

Re Amcor (No 2) [2019] FCA 842

Re APN Property Group Limited (No 3) [2021] VSC 490

Re AusNet Services Ltd (No 2) [2022] NSWSC 79

Re Avita Medical Limited (No 3) [2020] FCA 896

Re Avita Medical Limited [2020] FCA 896

Re AXA Asia Pacific Holdings Ltd (No 2) [2011] VSC 102

Re Beadell Resources Limited (No 2) [2019] WASC 53

Re BINGO Industries Limited [2021] NSWSC 911

Re Coca-Cola Amatil Ltd [2021] NSWSC 489

Re Coles Group Ltd (No 2) (2007) 65 ACSR 494

Re Crown Resorts Limited (No 2) [2022] FCA 710

Re Decimal Software Limited (No 2) [2018] FCA 2040

Re Equinox Resources Ltd (2004) 49 ACSR 692

Re Foundation Healthcare Ltd (2002) 42 ACSR 252

Re Glendale Land Development Ltd (In Liq) (1982) 7 ACLR 171

Re Healthscope Ltd (2019) 136 ACSR 259

Re Hostworks Group Ltd (No 2) [2008] FCA 248

Re Isentia Group Limited [2021] NSWSC 1069

Re Japara Healthcare Limited [2021] FCA 1150

Re Lion Selection Limited [2009] VSC 456

Re ResApp Health Ltd [2022] NSWSC 1353

Re Seven Network Ltd (No 3) (2010) 267 ALR 583

Re Sienna Cancer Diagnostics Limited (No 2) [2020] FCA 1088

Re Skilled Group Limited (No 2) [2015] VSC 805

Re Stockbridge Ltd (1993) 9 ACSR 637

Re Tabcorp Holdings Ltd (No 2) [2022] NSWSC 725

Re Tatts Group Limited (No 2) [2017] VSC 770

Re Toll Holdings Limited (No 2) [2015] VSC 236

Re Toll Holdings Ltd (No 2) [2015] VSC 236

Re Transcomm Credit Co-Operative Ltd [2016] VSC 835

Re TriAusMin Ltd (No 2) [2014] FCA 833

Re United Medical Protection Ltd [2007] FCA 631

Re Verdant Minerals Ltd (No 2) [2019] FCA 841

Re Vocus Group Limited [2021] NSWSC 843

Re Wameja Limited (No 2) [2021] FCA 1130

Westfield Corporation Limited (No 2) [2018] NSWSC 921
Division: General Division
Registry: Victoria
National Practice Area: Commercial and Corporations
Sub-area: Corporations and Corporate Insolvency
Number of paragraphs: 55
Date of hearing: 14 December 2022
Counsel for the Plaintiff: Mr B Holmes
Solicitor for the Plaintiff: Mills Oakley
Counsel for the Interested Party: Mr K Loxley
Solicitor for the Interested Party: King & Wood Mallesons

ORDERS

VID 573 of 2022

IN THE MATTER OF ISELECT LIMITED
BETWEEN:

ISELECT LIMITED (ACN 124 302 932)

Plaintiff
AND:

INNOVATION HOLDINGS AUSTRALIA PTY LTD

Interested Party

ORDER MADE BY:

ANDERSON J

DATE OF ORDER:

14 DECEMBER 2022

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Details
AGLC
Re iSelect Ltd (No 2) [2022] FCA 1528
Case
[2022] FCA 1528
Decision Date

CaseChat Overview and Summary

In the Federal Court of Australia, the case of Re iSelect Ltd (No 2) involved a scheme of arrangement related to the corporation iSelect Ltd. The dispute centred on whether the Court should approve the proposed scheme, which aimed to restructure the company's financial obligations and corporate governance. The Court was asked to determine if the scheme was fair and in the best interests of the company's creditors and shareholders.

The legal issues before the Court involved assessing the fairness and propriety of the proposed scheme. The Court had to consider whether the scheme met the statutory requirements under the Corporations Act 2001 (Cth) and whether it provided a better outcome for the company's stakeholders than liquidation. Additionally, the Court examined the procedural fairness of the scheme, including the adequacy of the information provided to the relevant parties and the process followed in obtaining their approval.

The Court found that the scheme met the necessary criteria for approval under the Corporations Act. It determined that the scheme was fair and equitable to all parties involved and provided a more advantageous outcome than liquidation. The Court also noted that the process followed in obtaining the approvals was fair and transparent, with sufficient information provided to stakeholders to make an informed decision. As a result, the Court granted approval of the scheme and exempted iSelect Ltd from certain compliance requirements under the Act.

The final orders of the Court included the approval of the scheme under section 411(4)(b) of the Corporations Act, an exemption from compliance with section 411(11) of the Act in respect of the scheme, and the immediate entry of these orders as per rule 39.34 of the Federal Court Rules 2011 (Cth).

Orders

Orders of the court

1. Pursuant to section 411(4)(b) of the Act, the Scheme be and is hereby approved.

2. Pursuant to section 411(12) of the Act, iSelect be exempted from compliance with section 411(11) of the Act in respect of the Scheme.

3. Pursuant to rule 39.34 of the Federal Court Rules 2011 (Cth), these orders be entered forthwith.

Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.

Background

Background to the litigation

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Evidence

Evidence Before The Court

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Decision

Reasons for decision

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Ratio Decidendi

Legal Principle Established

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