Walker (Administrator), in the matter of Goldin Australia Pty Ltd (Administrators Appointed) [2024] FCA 1518

Walker (Administrator), in the matter of Goldin Australia Pty Ltd (Administrators Appointed) [2024] FCA 1518

An extension of the convening period and appointment of administrators as receivers were necessary, given the peculiar circumstances affecting the Companies’ asset realisation (including sale timetables associated with assets), outstanding investigations, the powers of administrators over trust assets, and to best promote the interests of creditors in line with the objectives of the Corporations Act.

Parties
First Plaintiff: Alan Walker and Glenn Livingstone in their capacities as joint and several administrators of Goldin Australia Pty Limited (Administrators Appointed) and Goldin Wines Australia Pty Ltd (Administrators Appointed); Second Plaintiff: Goldin Australia Pty Limited (Administrators Appointed); Third Plaintiff: Goldin Wines Australia Pty Ltd (Administrators Appointed)
Jurisdiction
Australia
Judgment Date
20 December 2024
Procedural Posture
Corporations Application by Administrators / Application for Extension of Time and Appointment of Receivers, Determination at First Hearing
Outcome
Orders made as sought, including extension of convening period and appointment of administrators as receivers.
Legal Topics
Extension of Convening Period for Creditors’ Meetings, Appointment of Administrators as Receivers of Trust Property, Notification of Creditors, Operation of Part 5.3 a Corporations Act, Administration of Trust Assets
Corporations Law Insolvency Equity and Trusts Extension of Convening Period for Creditors’ Meetings Appointment of Administrators as Receivers of Trust Property Notification of Creditors Operation of Part 5.3 a Corporations Act Administration of Trust Assets

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Parties

Alan Walker and Glenn Livingstone in their capacities as joint and several administrators of Goldin Australia Pty Limited (Administrators Appointed) and Goldin Wines Australia Pty Ltd (Administrators Appointed)

First Plaintiff

Goldin Australia Pty Limited (Administrators Appointed)

Second Plaintiff

Goldin Wines Australia Pty Ltd (Administrators Appointed)

Third Plaintiff

Procedural Posture

Corporations Application by Administrators / Application for Extension of Time and Appointment of Receivers, Determination at First Hearing

Legal Issues

  1. 1 Whether to extend the convening period for the second meetings of creditors under s 439A(6) of the Corporations Act 2001 (Cth)
  2. 2 Whether to modify notice requirements for creditors’ meetings under s 447A of the Corporations Act 2001 (Cth) and s 90-15 of Schedule 2
  3. 3 Whether to appoint administrators as receivers and managers of trust property pursuant to s 57 of the Federal Court of Australia Act 1976 (Cth)

Ratio Decidendi

An extension of the convening period and appointment of administrators as receivers were necessary, given the peculiar circumstances affecting the Companies’ asset realisation (including sale timetables associated with assets), outstanding investigations, the powers of administrators over trust assets, and to best promote the interests of creditors in line with the objectives of the Corporations Act.

Court Disposition

Orders made as sought, including extension of convening period and appointment of administrators as receivers.

Orders

  • The convening period for the second creditor meetings of the Companies extended to and including 30 June 2025 under s 439A(6) Corporations Act 2001 (Cth).
  • Part 5.3A of the Corporations Act 2001 (Cth) to operate as if the second meetings may be convened/held during the extended convening period or within five business days after.