Jonsson, in the matter of Institute for Aboriginal Development (Aboriginal Corporation) (administrator appointed) [2019] FCA 862

Jonsson, in the matter of Institute for Aboriginal Development (Aboriginal Corporation) (administrator appointed) [2019] FCA 862

It is appropriate to grant the extension of the convening period as it gives the administrator time to pursue restructuring prospects, potentially increases returns to creditors, and is not opposed by creditors; statutory and procedural requirements to notify creditors are fulfilled.

Jurisdiction
Australia
Judgment Date
05 June 2019
Procedural Posture
Corporations Administration Application / Application for Extension of Convening Period in Administration
Outcome
Application granted; extension of convening period ordered
Legal Topics
['extension of Convening Period' 'administration of Aboriginal Corporations']
['corporations Law' 'insolvency Law'] ['extension of Convening Period' 'administration of Aboriginal Corporations']

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Procedural Posture

Corporations Administration Application / Application for Extension of Convening Period in Administration

Legal Issues

  1. 1 ['Whether the convening period for the second meeting of creditors should be extended' 'Whether statutory powers to extend convening period apply to an Aboriginal corporation under administration']

Ratio Decidendi

It is appropriate to grant the extension of the convening period as it gives the administrator time to pursue restructuring prospects, potentially increases returns to creditors, and is not opposed by creditors; statutory and procedural requirements to notify creditors are fulfilled.

Court Disposition

Application granted; extension of convening period ordered

Orders

  • ['Extension of the convening period for the second meeting of creditors until 31 July 2019.' 'Part 5.3A of the Corporations Act 2001 (Cth) is to operate such that the second meeting of creditors may be convened at any time during, or within 5 business days after, the extended convening period.' 'Plaintiff to notify...