Gothard, in the matter of Sherwin Iron Ltd (Administrators Appointed) (Receivers and Managers Appointed) (No 2) [2015] FCA 401

Gothard, in the matter of Sherwin Iron Ltd (Administrators Appointed) (Receivers and Managers Appointed) (No 2) [2015] FCA 401

The convening period should be extended as it is in the best interests of creditors, supported by substantial progress toward regulatory approvals and sale of the project, no demonstrated prejudice to creditors, and the continued administration maximises the potential for a return to unsecured creditors.

Jurisdiction
Australia
Judgment Date
30 April 2015
Procedural Posture
Corporations/interlocutory Application / Application for Extension of Convening Period for Creditors' Meeting
Outcome
Application granted. Extension of convening period ordered.
Legal Topics
['extension of Convening Period' "administrators' Duties" 'meeting of Creditors']
['corporations Law'] ['extension of Convening Period' "administrators' Duties" 'meeting of Creditors']

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Procedural Posture

Corporations/interlocutory Application / Application for Extension of Convening Period for Creditors' Meeting

Legal Issues

  1. 1 ['Whether the convening period for the meeting of creditors should be extended under s 439A(6) and s 447A(1) of the Corporations Act 2001 (Cth)' 'Whether further extension is in the best interests of creditors']

Ratio Decidendi

The convening period should be extended as it is in the best interests of creditors, supported by substantial progress toward regulatory approvals and sale of the project, no demonstrated prejudice to creditors, and the continued administration maximises the potential for a return to unsecured creditors.

Court Disposition

Application granted. Extension of convening period ordered.

Orders

  • ['Period for convening a meeting of creditors of Sherwin Iron Ltd and associated companies extended to midnight 30 October 2015 (s 439A(6), s 447A(1) Corporations Act 2001 (Cth)).' 'Meeting of creditors may be held anytime on or before 30 October 2015 or within 5 business days after that date.' "Liberty to apply to...