In the matter of Lift Capital Partners Pty Ltd (admins apptd) [2008] NSWSC 446

In the matter of Lift Capital Partners Pty Ltd (admins apptd) [2008] NSWSC 446

Given the complexity of the administration—including large and complicated commercial transactions, possible proprietary claims by various classes of creditors, and unresolved factual issues—it is appropriate and necessary to grant an extension of the convening period to 9 July 2008 and to permit administrators to hold creditors' meetings at any time within the extended period or five business days thereafter, to ensure creditors receive meaningful, informed reports and recommendations.

Jurisdiction
Australia
Judgment Date
06 May 2008
Procedural Posture
Corporations—voluntary Administration / Application for Extension of Convening Period for Creditors' Meeting and Ancillary Orders
Outcome
Orders made granting the extension of the convening period and permitting the meeting to be held within the extended period or up to five business days thereafter; costs of the application ordered to be costs in the administration.
Legal Topics
['voluntary Administration' 'extension of Convening Period' "administrators' Powers" "creditors' Meetings"]
['corporations Law' 'insolvency'] ['voluntary Administration' 'extension of Convening Period' "administrators' Powers" "creditors' Meetings"]

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Procedural Posture

Corporations—voluntary Administration / Application for Extension of Convening Period for Creditors' Meeting and Ancillary Orders

Legal Issues

  1. 1 ['Whether the convening period for meetings of creditors required by s 439A of the Corporations Act 2001 (Cth) should be extended under s 439A(6)' 'Whether an order under s 447A(1) should be made permitting the administrators to hold meetings of creditors any time within the extended period and five business days thereafter' 'Whether costs of the application should be costs in the administration']

Ratio Decidendi

Given the complexity of the administration—including large and complicated commercial transactions, possible proprietary claims by various classes of creditors, and unresolved factual issues—it is appropriate and necessary to grant an extension of the convening period to 9 July 2008 and to permit administrators to hold creditors' meetings at any time within the extended period or five business days thereafter, to ensure creditors receive meaningful, informed reports and recommendations.

Court Disposition

Orders made granting the extension of the convening period and permitting the meeting to be held within the extended period or up to five business days thereafter; costs of the application ordered to be costs in the administration.

Orders

  • ['The convening period for the second meeting of creditors extended to 9 July 2008.' 'The administrators permitted to hold the meetings of creditors at any time within the extended convening period or the five business days thereafter.' 'Costs of the application to be costs in the administration of each Company.']