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PIF revisited - no right not to be diluted

On 5 October 2011 Justice Barrett of the Supreme Court of NSW handed down a decision in Centro Retail Limited and Centro MCS Manager Limited in its capacity as Responsible Entity of the Centro Retail Trust [2011] NSWSC 1175 (“Centro”) where he found that the responsible entity of Centro Retail Trust would be justified in modifying the constitution of the trust without unitholder approval to a insert a provision permitting the issue of units at a price different to that provided for by the pre-existing provisions.

Australia, New South Wales, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Retail, Security (finance), Investment funds, Market value, Net asset value, Unilateralism, Australian Securities Exchange, ING Group, Australia and New Zealand Banking Group, Constitutional amendment, Corporations Act 2001 (Australia), Constitution, Federal Court of Australia, New South Wales Supreme Court
Consolidations and winding ups

Over the past few months there have been a number of insurance portfolio transfers and a winding up of a general insurer.  Various judges of the Federal Court have considered aspects of the Insurance Act (Cth) 1973.

Portfolio transfers

There have been two scheme transfers of insurance portfolios from Australian branches of overseas insurers to Australian subsidiaries.  While objections to the transfers were raised, the Federal Court confirmed the schemes.

Australia, Insolvency & Restructuring, Insurance, King & Wood Mallesons, Reinsurance, Liquidation, Holding company, American International Group, Constitutional amendment, Corporations Act 2001 (Australia), Federal Court of Australia
Winding up insurers - priority payment of reinsurance proceeds

Amaca Pty Ltd v McGrath & Anor as liquidators of HIH Underwriting and Insurance (Australia) Pty Ltd [2011] NSWSC 90

Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Share (finance), Debt, Liability (financial accounting), Reinsurance, Liquidation, Underwriting, Liquidator (law), Corporations Act 2001 (Australia)