Rebel shareholder Nicholas Bolton has won his court battle with Brisbane toll-road builder BrisConnections.

Two planned meetings of unitholders will now go ahead, as scheduled, later this month.



The decision puts in jeopardy the future of Brisbane's $4.8 billion Airport Link toll road, the biggest infrastructure project under way in Australia. The company's unit holders will vote on a series of resolutions to have BrisConnections wound up at those meetings.

BrisConnections was seeking orders in the Victorian Supreme Court to have Bolton's company, Australian Style Investments, wound up on the grounds it was insolvent and would not be able to pay a $77 million instalment owed to BrisConnections.

BrisConnections was also seeking orders to have two meetings of unitholders - called by Mr Bolton, ASI's 26-year-old major shareholder - to be cancelled. BrisConnections told the court the meetings had been improperly called.

Justice Ross Robson found in favour of Mr Bolton and said the meetings could go ahead. "BrisConnections' objections to the meetings are not valid objections,'' he said.