In the matter of Centro Properties Limited and CPT Manager Limited in its capacity as responsible entity of Centro Property Trust [2011] NSWSC 1171 — Arrangements And Reconstructions — Barrister AI
In the matter of Centro Properties Limited and CPT Manager Limited in its capacity as responsible entity of Centro Property Trust
CORPORATIONS — arrangements and reconstructions — proposed Part 5.1 scheme between companies and a group of their creditors — application under s 411(1) for orders for the convening of meetings of creditors — objections taken by persons given leave to be heard without becoming parties — where funds will be paid to "junior stakeholders" including equity holders — objectors are plaintiffs in other proceedings seeking unliquidated damages against the companies — objection that proposed payment is contrary to principle of maintenance of capital, entails breach of directors' duties where company approaching insolvency and entails impermissible departure from order of application of assets in a winding up — role of court upon s 411(1) application discussed — objections not fanciful but raised at level of generality in circumstances where a full understanding may not be available — no objection seen at this stage to represent a "knock-out blow" — appropriate exercise of s 411(1) discretion is to order convening of meetings and to revisit objections if and when pressed in fully formulated form at any s 411(4)(b) hearing
Case Details
Citation[2011] NSWSC 1171
CourtNSWSC
JurisdictionNew South Wales
Unlock so much more with Barrister AI
The full text is available to signed-in members, including the 12 later cases that cite this judgment.
2 of the 12 citing cases carry a classified treatment. How each court treated it is available to signed-in members.
