Pan Australia Shipping Pty Limited, in the matter of Pan Australia Shipping Pty Limited (Administrators Appointed) ACN 115 315 985 [2006] FCA 1464

Pan Australia Shipping Pty Limited, in the matter of Pan Australia Shipping Pty Limited (Administrators Appointed) ACN 115 315 985 [2006] FCA 1464

It is appropriate to extend the time for convening the second creditors’ meeting because the Administrators require additional time to adequately assess claims, consider litigation outstanding, obtain professional advice, and negotiate with potential purchasers to act in the best interests of creditors. No creditor objected and the primary secured creditor was notified.

Parties
Applicant (administrator): Ian James Purchas; Applicant (administrator): Ronald John Deal-Willcocks; Subject Company: Pan Australia Shipping Pty Limited (Administrators Appointed)
Jurisdiction
Australia
Judgment Date
18 October 2006
Procedural Posture
Application in Administration / Interlocutory Application for Extension of Convening Period
Outcome
Application granted
Legal Topics
Administrators' Extension of Convening Period, Meeting of Creditors, Voluntary Administration, Corporate Insolvency Proceedings, Deed of Company Arrangement
Insolvency Company Law Administrators' Extension of Convening Period Meeting of Creditors Voluntary Administration Corporate Insolvency Proceedings Deed of Company Arrangement

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 7 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Ian James Purchas

Applicant (administrator)

Ronald John Deal-Willcocks

Applicant (administrator)

Pan Australia Shipping Pty Limited (Administrators Appointed)

Subject Company

Procedural Posture

Application in Administration / Interlocutory Application for Extension of Convening Period

Legal Issues

  1. 1 Whether to extend the period for convening the second creditors' meeting under s 439A(6) of the Corporations Act 2001 (Cth)
  2. 2 Whether to allow the creditors' meeting to be held at any time during or within five business days after the convening period
  3. 3 Costs of the application

Ratio Decidendi

It is appropriate to extend the time for convening the second creditors’ meeting because the Administrators require additional time to adequately assess claims, consider litigation outstanding, obtain professional advice, and negotiate with potential purchasers to act in the best interests of creditors. No creditor objected and the primary secured creditor was notified.

Court Disposition

Application granted

Orders

  • The period for convening the creditors’ meeting under section 439A is extended up to and including 6 November 2006.
  • The meeting required by section 439A may be held at any time during or within 5 business days after the end of the convening period as extended, notwithstanding section 439A(2).