Brereton, in the matter of ICT Century Pty Ltd (In Liquidation) [2025] FCA 107

Brereton, in the matter of ICT Century Pty Ltd (In Liquidation) [2025] FCA 107

It is fair and just in all the circumstances to grant a 'shelf order' extending time for applications under s 588FF(1) until 18 July 2025. The liquidators’ inability to commence proceedings within the prescribed period was satisfactorily explained by the complexity of the company’s affairs and a lack of resources, including funding. Reasonable reliance was placed on investigations by EncoreFX liquidators. The existence of possible claims, suspicion of value dissipation, and creditors' interests justify the extension. No specific prejudice was identified by potentially affected parties, who were served and given an opportunity to be heard.

Parties
First Plaintiffs: Michael Brereton and Sean Wengel in their capacity as joint and several liquidators of ICT Century Pty Ltd (In Liquidation) (ACN 124 795 919); Second Plaintiff: ICT Century Pty Ltd (In Liquidation) (ACN 124 795 919)
Jurisdiction
Australia
Judgment Date
21 February 2025
Procedural Posture
Corporations – Application by Liquidators for Extension of Time to Bring Proceedings / Application for Extension of Time Under S 588 Ff(3)(b) – Judgment and Orders
Outcome
Extension of time granted
Legal Topics
Liquidators’ Powers, Extension of Time Limits, Voidable Transactions, Shelf Orders
Corporations Law Insolvency Liquidators’ Powers Extension of Time Limits Voidable Transactions Shelf Orders

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Parties

Michael Brereton and Sean Wengel in their capacity as joint and several liquidators of ICT Century Pty Ltd (In Liquidation) (ACN 124 795 919)

First Plaintiffs

ICT Century Pty Ltd (In Liquidation) (ACN 124 795 919)

Second Plaintiff

Procedural Posture

Corporations – Application by Liquidators for Extension of Time to Bring Proceedings / Application for Extension of Time Under S 588 Ff(3)(b) – Judgment and Orders

Legal Issues

  1. 1 Whether an extension of time should be granted under s 588FF(3)(b) of the Corporations Act 2001 (Cth) to enable the liquidators to bring applications under s 588FF(1)
  2. 2 Whether a 'shelf order' should be made for yet-to-be-identified claims

Ratio Decidendi

It is fair and just in all the circumstances to grant a 'shelf order' extending time for applications under s 588FF(1) until 18 July 2025. The liquidators’ inability to commence proceedings within the prescribed period was satisfactorily explained by the complexity of the company’s affairs and a lack of resources, including funding. Reasonable reliance was placed on investigations by EncoreFX liquidators. The existence of possible claims, suspicion of value dissipation, and creditors' interests justify the extension. No specific prejudice was identified by potentially affected parties, who were served and given an opportunity to be heard.

Court Disposition

Extension of time granted

Orders

  • Pursuant to s 588FF(3)(b) of the Corporations Act 2001 (Cth), the time for making an application under s 588FF(1) of the Act be extended until 18 July 2025.
  • The first plaintiffs' costs of this application be costs in the liquidation of the second plaintiff.