Kijurina (as Administrator), in the matter of Mynetsale Pty Ltd (Administrators Appointed) v Mynetsale Pty Ltd (Administrators Appointed) [2014] FCA 776

Kijurina (as Administrator), in the matter of Mynetsale Pty Ltd (Administrators Appointed) v Mynetsale Pty Ltd (Administrators Appointed) [2014] FCA 776

The extension of the convening period is justified to maximise the prospect of sale of the business as a going concern, which is likely to produce a better outcome for creditors, including the main asset being goodwill and the customer base, and because the application was not opposed by creditors.

Parties
First Plaintiff: Brent Trevor-Alex Kijurina and Richard Albarran in their capacity as Voluntary Administrators of MyNetSale Pty Ltd (Administrators Appointed) (ACN 154 123 350); Second Plaintiff: MyNetSale Pty Ltd (Administrators Appointed) (ACN 154 123 350)
Jurisdiction
Australia
Judgment Date
24 July 2014
Procedural Posture
Application Under Corporations Act / First Application for Extension of Convening Period
Outcome
Orders granted as sought by the Administrators, including extension of convening period.
Legal Topics
External Administration, Extension of Convening Period, Administration of Insolvent Companies
Corporations Law External Administration Extension of Convening Period Administration of Insolvent Companies

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Parties

Brent Trevor-Alex Kijurina and Richard Albarran in their capacity as Voluntary Administrators of MyNetSale Pty Ltd (Administrators Appointed) (ACN 154 123 350)

First Plaintiff

MyNetSale Pty Ltd (Administrators Appointed) (ACN 154 123 350)

Second Plaintiff

Procedural Posture

Application Under Corporations Act / First Application for Extension of Convening Period

Legal Issues

  1. 1 Whether to extend the convening period for the second creditors' meeting under s 439A(6) of the Corporations Act 2001 (Cth)
  2. 2 Whether Part 5.3A of the Act should be modified under s 447A(1) to permit meetings within extended period

Ratio Decidendi

The extension of the convening period is justified to maximise the prospect of sale of the business as a going concern, which is likely to produce a better outcome for creditors, including the main asset being goodwill and the customer base, and because the application was not opposed by creditors.

Court Disposition

Orders granted as sought by the Administrators, including extension of convening period.

Orders

  • The period for convening the creditors' meeting is extended to 30 September 2014 (s 439A(6))
  • Part 5.3A is to have effect permitting the meetings during or within 5 business days after the extended convening period (s 447A(1))