It is common for deed administrators, as part of a restructuring involving a deed of company arrangement (DOCA), to seek the leave of the Court to transfer the shares held in the company to the proponent (or nominee) on the basis that the purported transfer would not unfairly prejudice the interests of the members of the company (see section 444GA(1)(b) of the Corporations Act 2001). This is a powerful tool, as once leave is granted and the relevant regulatory approval is obtained, the deed administrators can compel the transfer of shares held by third party shareholders in the company.
When Courts grant section 444GA(1)(b) leave, the orders are typically subject to the regulatory approval of the Australian Securities and Investments…
