Lord, In the matter of WPG Resources Ltd (Receivers and Managers Appointed) (in liquidation) [2019] FCA 1173

Lord, In the matter of WPG Resources Ltd (Receivers and Managers Appointed) (in liquidation) [2019] FCA 1173

The Court made the s 447A order because the DOCA was executed only shortly outside the 15 business day period due to inadvertence, creditors had unanimously supported the DOCA and had not opposed the orders, the DOCA proponent supported the application, the liquidators and relevant persons had acted on the basis that the DOCA was effective, and there was no suggestion that any rights would be adversely affected by treating the statutory period as 16 business days for WPG Resources.

Jurisdiction
Australia
Judgment Date
25 July 2019
Procedural Posture
Corporations Application Under S 447 a of the Corporations Act 2001 (cth) Concerning Execution of a Deed of Company Arrangement / Interlocutory Process Determined on 25 July 2019
Outcome
Application granted; orders made in accordance with the interlocutory process.
Legal Topics
['deed of Company Arrangement' 'voluntary Administration' 'extension of Time' 'operation of Corporations Act Provisions']
['corporations' 'insolvency'] ['deed of Company Arrangement' 'voluntary Administration' 'extension of Time' 'operation of Corporations Act Provisions']

Case Brief

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Procedural Posture

Corporations Application Under S 447 a of the Corporations Act 2001 (cth) Concerning Execution of a Deed of Company Arrangement / Interlocutory Process Determined on 25 July 2019

Legal Issues

  1. 1 ['Whether s 444B(2)(a) of the Corporations Act 2001 (Cth) should operate in relation to WPG Resources as if the reference to 15 business days were a reference to 16 business days.' 'Whether the order should be made where the deed of company arrangement was executed eight minutes after midnight on the sixteenth day and all relevant persons had proceeded on the basis that it was effective.']

Ratio Decidendi

The Court made the s 447A order because the DOCA was executed only shortly outside the 15 business day period due to inadvertence, creditors had unanimously supported the DOCA and had not opposed the orders, the DOCA proponent supported the application, the liquidators and relevant persons had acted on the basis that the DOCA was effective, and there was no suggestion that any rights would be adversely affected by treating the statutory period as 16 business days for WPG Resources.

Court Disposition

Application granted; orders made in accordance with the interlocutory process.

Orders

  • ['The Interlocutory Process be made returnable instanter.' 'Pursuant to section 447A(1) of the Corporations Act 2001 (Cth), section 444B(2)(a) of the Act operate in relation to WPG Resources Ltd (receivers and managers appointed) (in liquidation) ACN109 426 502 as if the reference to "15 business days" in that...