Collective Olive Groves Limited, in the matter of Collective Olive Groves Limited; application by Reidy [2009] FCA 177

Collective Olive Groves Limited, in the matter of Collective Olive Groves Limited; application by Reidy [2009] FCA 177

Given ongoing negotiations which affect the managed investment scheme and the company's ability to obtain title to essential assets, and given that adjournment is in the interests of creditors and members, it is appropriate to permit the extension of the time for holding the second creditors' meeting for no more than 20 business days from 23 February 2009.

Parties
First Plaintiff: Collective Olive Groves Limited (ACN 079 354 742) (Administrator Appointed); Second Plaintiff: Geoffrey Philip Reidy
Jurisdiction
Australia
Judgment Date
19 February 2009
Procedural Posture
Corporations – Application by Administrator / Application for Adjournment of Second Meeting of Creditors
Outcome
Application granted.
Legal Topics
Adjournment of Creditors' Meeting, Administrator Powers, Extension Under S 447 a, Managed Investment Schemes
Corporations Law Insolvency Adjournment of Creditors' Meeting Administrator Powers Extension Under S 447 a Managed Investment Schemes

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Parties

Collective Olive Groves Limited (ACN 079 354 742) (Administrator Appointed)

First Plaintiff

Geoffrey Philip Reidy

Second Plaintiff

Procedural Posture

Corporations – Application by Administrator / Application for Adjournment of Second Meeting of Creditors

Legal Issues

  1. 1 Whether the administrator should be permitted to adjourn the second creditors' meeting under s 447A of the Corporations Act 2001 (Cth)

Ratio Decidendi

Given ongoing negotiations which affect the managed investment scheme and the company's ability to obtain title to essential assets, and given that adjournment is in the interests of creditors and members, it is appropriate to permit the extension of the time for holding the second creditors' meeting for no more than 20 business days from 23 February 2009.

Court Disposition

Application granted.

Orders

  • Leave to file the Application instanter.
  • Dispensing with service of the Application.