Pilato (Liquidator), in the matter of Energy Services Invironmental Pty Ltd (In Liq) [2018] FCA 987

Pilato (Liquidator), in the matter of Energy Services Invironmental Pty Ltd (In Liq) [2018] FCA 987

Given the prima facie voidable nature of the transactions, the late provision of company records which delayed the liquidator’s investigations, and the absence of opposition by the respondents, it is fair and reasonable in all the circumstances to grant a 12-month extension under s 588FF(3) for the pursuit of possible proceedings.

Jurisdiction
Australia
Judgment Date
14 March 2018
Procedural Posture
Corporations Application for Extension of Time Under Corporations Act 2001 (cth) S 588 Ff(3) / Application for Extension of Time (ex Tempore Decision)
Outcome
Extension of time granted by consent; no order as to costs.
Legal Topics
['voidable Transactions' 'extension of Limitation Period' "liquidators' Powers and Actions"]
['corporations Law' 'insolvency'] ['voidable Transactions' 'extension of Limitation Period' "liquidators' Powers and Actions"]

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Procedural Posture

Corporations Application for Extension of Time Under Corporations Act 2001 (cth) S 588 Ff(3) / Application for Extension of Time (ex Tempore Decision)

Legal Issues

  1. 1 ['Whether an extension of time should be granted to bring an application under s 588FF(1) of the Corporations Act 2001 (Cth)' 'Whether a transaction falls within s 588FE(4) as a voidable transaction at undervalue involving a related entity']

Ratio Decidendi

Given the prima facie voidable nature of the transactions, the late provision of company records which delayed the liquidator’s investigations, and the absence of opposition by the respondents, it is fair and reasonable in all the circumstances to grant a 12-month extension under s 588FF(3) for the pursuit of possible proceedings.

Court Disposition

Extension of time granted by consent; no order as to costs.

Orders

  • ['The first and second plaintiffs be granted an extension of 12 months to make any application pursuant to section 588FF(1) of the Corporations Act 2001 (Cth) in relation to the first and second respondents, being until 20 February 2019.' 'There be no order as to costs.']