The Court held that it has power under s 1319 of the Corporations Act and/or its inherent jurisdiction to make a 'headcount direction' (following GW Pharmaceuticals [2021] EWHC 716 (Ch)) in a creditors' scheme under s 411(4)(a)(i), treating a single registered holder that splits its vote as voting in favour if it casts more votes for than against the scheme. This direction was made nunc pro tunc at the sanction hearing where the issue had not been identified at the convening stage, avoiding the need for a fresh meeting where the outcome would be a foregone conclusion. The Court treated the headcount direction not as a departure from the statutory voting requirements but as facilitating s 411 to operate by reference to economic reality rather than legal form, though the question of whether Spark Infrastructure's prohibition on split voting by creditors applies to warrant holders with share-like divisible interests was raised but not definitively resolved.
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