Carter, in the matter of Romeso Pty Ltd (Administrator Appointed) [2004] FCA 659

Carter, in the matter of Romeso Pty Ltd (Administrator Appointed) [2004] FCA 659

The extension was granted because the administrator needed time to obtain advice on asserted subrogation-based security claims and to receive and consider a valuation relevant to the s 439A report and any deed of company arrangement proposal, all creditors had been notified and none objected, and the administrator considered the unsecured creditors would not be prejudiced.

Jurisdiction
Australia
Judgment Date
24 May 2004
Procedural Posture
Application Under S 439 A(6) of the Corporations Act 2001 (cth) for Extension of the Convening Period for the Second Meeting of Creditors / Reasons for Judgment and Orders
Outcome
Application granted.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement']
['corporations Law' 'insolvency Law'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement']

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Procedural Posture

Application Under S 439 A(6) of the Corporations Act 2001 (cth) for Extension of the Convening Period for the Second Meeting of Creditors / Reasons for Judgment and Orders

Legal Issues

  1. 1 ['Whether the convening period prescribed by s 439A(5) of the Corporations Act 2001 (Cth) should be extended until 15 June 2004 in respect of the second meeting of creditors of Romeso Pty Ltd (Administrator Appointed).']

Ratio Decidendi

The extension was granted because the administrator needed time to obtain advice on asserted subrogation-based security claims and to receive and consider a valuation relevant to the s 439A report and any deed of company arrangement proposal, all creditors had been notified and none objected, and the administrator considered the unsecured creditors would not be prejudiced.

Court Disposition

Application granted.

Orders

  • ['The convening period prescribed by s 439A(5) of the Corporations Act 2001 (Cth) be extended for a period of 21 days from 25 May 2004 to 15 June 2004 in respect of the second meeting of creditors of Romeso Pty Ltd (Administrator Appointed).' 'Liberty to apply be granted.']