Quote: Section 444GA of the Act provides that a deed...

Quote:
Section 444GA of the Act provides that a deed administrator may transfer shares in the company to which he or she is appointed with either the written consent of the owner of the shares or leave of the Court. The Court can grant leave only if “it is satisfied that the transfer would not unfairly prejudice the interests of members of the company”. This provision ensures that existing shareholders are afforded a level of protection and an opportunity to be heard, through the court process, while allowing creditors, or others, to acquire the equity interests when it is not unfair to do so (such as the shares have no value). The Administrators and Receivers have jointly appointed an independent expert to provide a report valuing the shares in Holdings. To permit the transfer of the issued shares in Holdings from each current shareholder as contemplated by the DOCA, the Deed Administrators will make an application to the Court. The process will involve: 1. Filing an originating process and supporting affidavits 2. Publishing information for shareholders, which will include an explanatory statement and independent expert’s report 3. A court hearing, at which shareholders may appear 4. The Court makes its decision 5. An ASIC instrument of relief in relation to the takeovers provisions of the Act being executed.