This appeal to the Full Federal Court concerned whether a Deed of Company Arrangement (DOCA) should be terminated as contrary to the interests of creditors under s.445D of the Corporations Act 2001 (Cth). The primary judge had determined that the DOCA should not be terminated.
On appeal, the appellants contended that the primary judge erred in finding that there was not a likely prospect of the creditors of the company subject to the DOCA receiving a better outcome in the liquidation. The appellants also contended that the primary judge erred in making certain factual findings and in the exercise of his discretion in deciding not to terminate the DOCA.
The Court of Appeal dismissed the appeal and upheld the first instance decision.
Stewart Webster appeared unled on behalf of the First, Second and Third Respondents, instructed by Clayton Utz.
The judgment is available here.