In the matter of L.E.D. Builders Pty Ltd (admins apptd); L.E.D. Builders Pty Ltd (admins apptd) & Ors [2008] NSWSC 633

In the matter of L.E.D. Builders Pty Ltd (admins apptd); L.E.D. Builders Pty Ltd (admins apptd) & Ors [2008] NSWSC 633

Given the incomplete financial information, ongoing sale process, complexity of company affairs, and support of the committees of creditors, it is appropriate to extend the convening period by four weeks so that the administrators can provide a full report and creditors can make informed decisions.

Jurisdiction
Australia
Judgment Date
11 June 2008
Procedural Posture
Application Under Corporations Act for Extension of Convening Period in Voluntary Administration / Hearing and Judgment on Application for Extension
Outcome
Orders granting a four week extension of the convening period under s 439A(6) of the Corporations Act 2001 (Cth) and an order under s 447A(1) allowing the creditors' meeting to be held during the extended period.
Legal Topics
['extension of Convening Period' "creditors' Meetings" 'role of Administrators and Receivers' 'committee of Creditors']
['corporations Law' 'insolvency' 'voluntary Administration'] ['extension of Convening Period' "creditors' Meetings" 'role of Administrators and Receivers' 'committee of Creditors']

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Procedural Posture

Application Under Corporations Act for Extension of Convening Period in Voluntary Administration / Hearing and Judgment on Application for Extension

Legal Issues

  1. 1 ['Whether to extend the convening period for the second meeting of creditors under s 439A(6) of the Corporations Act 2001 (Cth)' "Whether to make an order under s 447A(1) of the Corporations Act relating to the timing of the creditors' meeting" 'Whether it is necessary to have evidence as to the views of members of the committee of creditors']

Ratio Decidendi

Given the incomplete financial information, ongoing sale process, complexity of company affairs, and support of the committees of creditors, it is appropriate to extend the convening period by four weeks so that the administrators can provide a full report and creditors can make informed decisions.

Court Disposition

Orders granting a four week extension of the convening period under s 439A(6) of the Corporations Act 2001 (Cth) and an order under s 447A(1) allowing the creditors' meeting to be held during the extended period.

Orders

  • ["Convening period for second creditors' meeting extended by four weeks." 'Order under s 447A(1) permitting administrators to hold the meeting during the extended period.']