In the matter of Fostide Pty Ltd (Administrators Appointed) [2013] NSWSC 663

In the matter of Fostide Pty Ltd (Administrators Appointed) [2013] NSWSC 663

The further extension was granted because the administrators' evidence showed circumstances making the extension properly applied for, including ongoing operation of the retail business for the benefit of those concerned and the possibility of a pooled Deed of Company Arrangement, and creditors had been notified with no opposition appearing or indicated.

Jurisdiction
Australia
Judgment Date
27 May 2013
Procedural Posture
Corporations Voluntary Administration Application / Interlocutory Process Seeking Further Extension of the Period for Convening the Second Meeting of Creditors
Outcome
Period for the convening of the second meeting of creditors extended to 30 August 2013. The meeting may be convened at any time prior to five business days after the end of the convening period as extended.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'corporations Act 2001 (cth) Pt 5.3 A']
['corporations Law' 'insolvency Law'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'corporations Act 2001 (cth) Pt 5.3 A']

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Procedural Posture

Corporations Voluntary Administration Application / Interlocutory Process Seeking Further Extension of the Period for Convening the Second Meeting of Creditors

Legal Issues

  1. 1 ['Whether the period within which the administrators were required under s 439A of the Corporations Act 2001 (Cth) to convene the second meeting of creditors should be further extended to 30 August 2013.' 'Whether ancillary orders should permit the second meeting of creditors to be convened at any time prior to five business days after the end of the convening period as extended.']

Ratio Decidendi

The further extension was granted because the administrators' evidence showed circumstances making the extension properly applied for, including ongoing operation of the retail business for the benefit of those concerned and the possibility of a pooled Deed of Company Arrangement, and creditors had been notified with no opposition appearing or indicated.

Court Disposition

Period for the convening of the second meeting of creditors extended to 30 August 2013. The meeting may be convened at any time prior to five business days after the end of the convening period as extended.

Orders

  • ['The period for convening the second meeting of creditors was extended to 30 August 2013.' 'The second meeting of creditors may be convened at any time prior to five business days after the end of the convening period as extended.' 'The proceedings were stood over before the Corporations List Judge on 2 September...