Cook Cove Pty Ltd (Administrators Appointed); Boyd Cook Cove Finance Corporation Pty Ltd (Administrators Appointed); Applications of [2009] NSWSC 498

Cook Cove Pty Ltd (Administrators Appointed); Boyd Cook Cove Finance Corporation Pty Ltd (Administrators Appointed); Applications of [2009] NSWSC 498

Good cause existed to extend the convening period because the corporations' affairs and financing were complex, a proper recommendation to creditors and any Deed of Company Arrangement required further investigation and negotiation, the companies were not trading and had no employees so commercial risk and third-party detriment were not significant, key stakeholders including secured creditors consented, and the extension would facilitate prospects of a better return for creditors and preserve the public interest in the development.

Jurisdiction
Australia
Judgment Date
05 May 2009
Procedural Posture
Application for Order Extending Convening Period for Second Meeting of Creditors Pursuant to S 439 A(6) of the Corporations Act 2001 (cth) / Ex Tempore Judgment on Application
Outcome
Application to extend convening period 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']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Application for Order Extending Convening Period for Second Meeting of Creditors Pursuant to S 439 A(6) of the Corporations Act 2001 (cth) / Ex Tempore Judgment on Application

Legal Issues

  1. 1 ['Whether good cause was shown to extend the convening period for the second meeting of creditors to 19 August 2009 under Corporations Act, s 439A(6).' 'Whether the extension would promote the objects of Part 5.3A and outweigh the expectation that voluntary administration proceed expeditiously.']

Ratio Decidendi

Good cause existed to extend the convening period because the corporations' affairs and financing were complex, a proper recommendation to creditors and any Deed of Company Arrangement required further investigation and negotiation, the companies were not trading and had no employees so commercial risk and third-party detriment were not significant, key stakeholders including secured creditors consented, and the extension would facilitate prospects of a better return for creditors and preserve the public interest in the development.

Court Disposition

Application to extend convening period granted.

Orders

  • ['Leave granted to the plaintiffs to file an originating process in the form initialled by the Court, dated 5 May 2009 and placed with the papers, upon the undertaking of John David Evans to pay the appropriate filing fees.' 'Originating process directed to be returnable instanter.' 'Service of the originating...