Goyal, in the matter of Procuret Holding Pty Ltd (Administrators Appointed) [2025] FCA 85

Goyal, in the matter of Procuret Holding Pty Ltd (Administrators Appointed) [2025] FCA 85

The application was granted because the Administrators demonstrated that the extension would enable completion of a sale process likely to benefit creditors, that creditors including the primary secured creditor consented or did not object, and because ancillary and consequential orders were appropriate to facilitate creditor notification and meetings.

Parties
First Plaintiff: Rajiv Goyal; First Plaintiff: Andrew McEvoy; Second Plaintiff: Procuret Holding Pty Ltd; Third Plaintiff: El Unicorn Pty Ltd; Fourth Plaintiff: Procuret Operating Pty Ltd; Fifth Plaintiff: Procuret Funding Pty Ltd; Sixth Plaintiff: Procuret Funding No. 2 Pty Ltd; Seventh Plaintiff: Procuret Funding No. 3 Pty Ltd; Eighth Plaintiff: Procuret Funding No. 4 Pty Ltd; Ninth Plaintiff: Procuret Funding No. 5 Pty Ltd; Tenth Plaintiff: Procuret Security Holding Pty Ltd
Jurisdiction
Australia
Judgment Date
12 February 2025
Procedural Posture
Corporations Application / Application for Extension of Convening Period
Outcome
Application granted
Legal Topics
Extension of Convening Period, Creditors' Meetings, Administrator Powers
Corporate Insolvency Extension of Convening Period Creditors' Meetings Administrator Powers

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Parties

Rajiv Goyal

First Plaintiff

Andrew McEvoy

First Plaintiff

Procuret Holding Pty Ltd

Second Plaintiff

El Unicorn Pty Ltd

Third Plaintiff

Procuret Operating Pty Ltd

Fourth Plaintiff

Procuret Funding Pty Ltd

Fifth Plaintiff

Procuret Funding No. 2 Pty Ltd

Sixth Plaintiff

Procuret Funding No. 3 Pty Ltd

Seventh Plaintiff

Procuret Funding No. 4 Pty Ltd

Eighth Plaintiff

Procuret Funding No. 5 Pty Ltd

Ninth Plaintiff

Procuret Security Holding Pty Ltd

Tenth Plaintiff

Procedural Posture

Corporations Application / Application for Extension of Convening Period

Legal Issues

  1. 1 Whether the convening period for the second meeting of creditors should be extended
  2. 2 Whether ancillary orders regarding creditor notification and sale process should be granted

Ratio Decidendi

The application was granted because the Administrators demonstrated that the extension would enable completion of a sale process likely to benefit creditors, that creditors including the primary secured creditor consented or did not object, and because ancillary and consequential orders were appropriate to facilitate creditor notification and meetings.

Court Disposition

Application granted

Orders

  • The convening period for the second meeting of creditors is extended to 14 May 2025 pursuant to s 439A(6) Corporations Act 2001 (Cth).
  • The meeting may be held at any time during or within five business days after the extended convening period pursuant to s 447A(1) Corporations Act 2001 (Cth).