Pleash, in the matter of Van Eyk Investments Pty Limited (Subject to Deed of Company Arrangement) [2012] FCA 1125

Pleash, in the matter of Van Eyk Investments Pty Limited (Subject to Deed of Company Arrangement) [2012] FCA 1125

It was appropriate to make an order under s 447A because s 447A permits the Court to alter how Part 5.3A operates in relation to a particular company, including by an order with future effect concerning past matters, significant steps had been taken on the assumption that the deed of company arrangement was effective, no person notified opposed the relief, and there was no suggestion that accrued rights would be adversely affected by the failure to comply with s 444B.

Jurisdiction
Australia
Judgment Date
17 August 2012
Procedural Posture
Application Under S 447 a of the Corporations Act 2001 (cth) Concerning Operation of Part 5.3 a in Relation to a Deed of Company Arrangement / Final Orders and Reasons for Judgment
Outcome
Application granted.
Legal Topics
['voluntary Administration' 'deed of Company Arrangement' 'execution of Deed of Company Arrangement' 'court Orders Modifying Operation of Part 5.3 A' 'section 447 a Orders']
['corporations Law' 'insolvency Law'] ['voluntary Administration' 'deed of Company Arrangement' 'execution of Deed of Company Arrangement' 'court Orders Modifying Operation of Part 5.3 A' 'section 447 a Orders']

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Procedural Posture

Application Under S 447 a of the Corporations Act 2001 (cth) Concerning Operation of Part 5.3 a in Relation to a Deed of Company Arrangement / Final Orders and Reasons for Judgment

Legal Issues

  1. 1 ['Whether Part 5.3A of the Corporations Act 2001 (Cth) should operate in relation to Van Eyk Investments Pty Limited as if the time for execution in s 444B(2)(a) were extended or modified to 27 May 2009.' "Whether the failure to execute the deed of company arrangement within 15 business days after the creditors' meeting should be relieved by an order under s 447A."]

Ratio Decidendi

It was appropriate to make an order under s 447A because s 447A permits the Court to alter how Part 5.3A operates in relation to a particular company, including by an order with future effect concerning past matters, significant steps had been taken on the assumption that the deed of company arrangement was effective, no person notified opposed the relief, and there was no suggestion that accrued rights would be adversely affected by the failure to comply with s 444B.

Court Disposition

Application granted.

Orders

  • ['Pursuant to s 447A of the Corporations Act 2001 (Cth), Part 5.3A of the Act is to operate in relation to Van Eyk Investments Pty Limited as if the reference to 15 business days after the end of the meeting of creditors in s 444B(2)(a) of the Act were a reference to 27 May 2009.' 'The plaintiffs lodge a copy of...