Carson, in the matter of Hastie Group Limited (No 2) [2012] FCA 717

Carson, in the matter of Hastie Group Limited (No 2) [2012] FCA 717

Given the complexity of the Hastie Group's administration, the time necessary for the administrators to properly investigate the affairs of the company, prepare the required reports, and maximise the return to creditors, it is appropriate to extend the convening period for the creditors' meeting to 150 business days from 25 June 2012 and to modify certain procedural requirements under the Act.

Parties
First to Third Plaintiffs: Ian Menzies Carson, David Laurence McEvoy and Craig David Crosbie in their capacity as joint and several administrators of Hastie Group Limited (Administrators Appointed) ABN 76 112 803 040; Fourth to Forty Seventh Plaintiffs: Hastie Group Limited (Administrators Appointed) ABN 76 112 803 040 and 43 others
Jurisdiction
Australia
Judgment Date
19 June 2012
Procedural Posture
Corporations Voluntary Administration / Interlocutory Application for Modification and Extension of Convening Period
Outcome
Orders made as sought by administrators; extension of convening period and modifications to statutory requirements granted.
Legal Topics
Voluntary Administration, Extension of Convening Period, Modification of Statutory Requirements
Corporations Law Insolvency Voluntary Administration Extension of Convening Period Modification of Statutory Requirements

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Parties

Ian Menzies Carson, David Laurence McEvoy and Craig David Crosbie in their capacity as joint and several administrators of Hastie Group Limited (Administrators Appointed) ABN 76 112 803 040

First to Third Plaintiffs

Hastie Group Limited (Administrators Appointed) ABN 76 112 803 040 and 43 others

Fourth to Forty Seventh Plaintiffs

Procedural Posture

Corporations Voluntary Administration / Interlocutory Application for Modification and Extension of Convening Period

Legal Issues

  1. 1 Whether it is appropriate to extend the convening period for the second meeting of creditors under s 439A of the Corporations Act 2001 (Cth) to 150 business days
  2. 2 Whether modifications to notice procedures and other statutory requirements under Part 5.3A of the Act are warranted

Ratio Decidendi

Given the complexity of the Hastie Group's administration, the time necessary for the administrators to properly investigate the affairs of the company, prepare the required reports, and maximise the return to creditors, it is appropriate to extend the convening period for the creditors' meeting to 150 business days from 25 June 2012 and to modify certain procedural requirements under the Act.

Court Disposition

Orders made as sought by administrators; extension of convening period and modifications to statutory requirements granted.

Orders

  • Leave to file the Interlocutory Process dated 19 June 2012.
  • Interlocutory Process to be returnable instanter.