Fitzgerald, In the Matter of Primebroker Securities Limited (Administrators Appointed) (Receivers and Managers Appointed) [2008] FCA 1247

Fitzgerald, In the Matter of Primebroker Securities Limited (Administrators Appointed) (Receivers and Managers Appointed) [2008] FCA 1247

The extension was granted because the administrators had legitimate reasons for needing more time, including obtaining records and information from receivers, considering the directors' report of affairs, investigating the ANZ Bank security, and allowing for a possible deed proposal, and because the evidence indicated that no prejudice would result to unsecured creditors or others.

Jurisdiction
Australia
Judgment Date
07 August 2008
Procedural Posture
Corporations Administration Application / Application to Extend Convening Period for Second Meeting of Creditors
Outcome
Application granted.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'receivers and Managers']
['corporations Law' 'insolvency Law'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'receivers and Managers']

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Procedural Posture

Corporations Administration Application / Application to Extend Convening Period for Second Meeting of Creditors

Legal Issues

  1. 1 ['Whether the circumstances justified extending the period within which the administrators must convene the second meeting of creditors under section 439A of the Corporations Act 2001 (Cth).' 'Whether any prejudice would result, particularly to unsecured creditors, if the extension were granted.']

Ratio Decidendi

The extension was granted because the administrators had legitimate reasons for needing more time, including obtaining records and information from receivers, considering the directors' report of affairs, investigating the ANZ Bank security, and allowing for a possible deed proposal, and because the evidence indicated that no prejudice would result to unsecured creditors or others.

Court Disposition

Application granted.

Orders

  • ['Pursuant to section 439A(6) of the Corporations Act 2001 (Cth), the period within which the Administrators of Primebroker Securities Limited (Administrators Appointed) (Receivers and Managers Appointed) ACN 081 178 645 must convene a meeting of creditors under section 439A of that Act be extended by 60 days.'...