Owen, in the matter of Far Pavilions Interiors Pty Ltd (Administrators Appointed) [2016] FCA 1602
Purchasers of category A stock are entitled to relevant items due to unconditional appropriation. Items in category B shall be sold, and proceeds distributed to relevant purchasers, minimizing expenses in administration and serving the best interests of unsecured creditors.
- Jurisdiction
- Australia
- Judgment Date
- 01 August 2016
- Procedural Posture
- Administration Application / Interlocutory Hearing
- Outcome
- Matter adjourned for applicant to bring in appropriate forms of order
- Legal Topics
- ['corporate Administration' 'stock Allocation' 'unsecured Creditors']
Case Brief
Summary, issues, holding and outcome
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Procedural Posture
Administration Application / Interlocutory Hearing
Legal Issues
- 1 ['Appropriation of stock to customer contracts' 'Distribution of stock proceeds to purchasers' 'Interests of unsecured creditors in administration']
Ratio Decidendi
Purchasers of category A stock are entitled to relevant items due to unconditional appropriation. Items in category B shall be sold, and proceeds distributed to relevant purchasers, minimizing expenses in administration and serving the best interests of unsecured creditors.
Court Disposition
Matter adjourned for applicant to bring in appropriate forms of order
Orders
- ['Directions to be made under s 447D of Corporations Act 2001 (Cth) to facilitate administration' 'Items in category A go to relevant purchasers' 'Items in category B be sold and net proceeds distributed to relevant purchasers' 'Unsecured creditors may apply with respect to orders if so advised']
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