E Commerce Pty Ltd, in the matter of E Commerce Pty Ltd [2006] FCA 310

E Commerce Pty Ltd, in the matter of E Commerce Pty Ltd [2006] FCA 310

The adjournment beyond the permitted period under s 439B(2) resulted from oversight, was essentially procedural, and in any event it was just and equitable to make an order because the deed of company arrangement appeared supported by all creditors and ineffectiveness would be detrimental to them; accordingly, orders under s 447A were appropriate.

Jurisdiction
Australia
Judgment Date
14 March 2006
Procedural Posture
Application in the Matter of a Company in Voluntary Administration Under the Corporations Act 2001 (cth) / Application for Orders Under S 447 a Concerning the Operation of Part 5.3 a After Adjournment of Creditors' Meeting
Outcome
Orders made pursuant to s 447A.
Legal Topics
['voluntary Administration' "adjournment of Creditors' Meeting" 'deed of Company Arrangement' 'orders Under S 447 A' 'procedural Irregularity Under S 1322']
['corporations Law' 'insolvency Law'] ['voluntary Administration' "adjournment of Creditors' Meeting" 'deed of Company Arrangement' 'orders Under S 447 A' 'procedural Irregularity Under S 1322']

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Procedural Posture

Application in the Matter of a Company in Voluntary Administration Under the Corporations Act 2001 (cth) / Application for Orders Under S 447 a Concerning the Operation of Part 5.3 a After Adjournment of Creditors' Meeting

Legal Issues

  1. 1 ["Whether Part 5.3A should operate in relation to the Company as if the permitted adjournment period for the creditors' meeting were 100 days rather than 60 days." 'Whether the failure to comply with s 439B(2) of the Corporations Act 2001 (Cth) was procedural and should be addressed by Court order.']

Ratio Decidendi

The adjournment beyond the permitted period under s 439B(2) resulted from oversight, was essentially procedural, and in any event it was just and equitable to make an order because the deed of company arrangement appeared supported by all creditors and ineffectiveness would be detrimental to them; accordingly, orders under s 447A were appropriate.

Court Disposition

Orders made pursuant to s 447A.

Orders

  • ['Pursuant to s 447A, Part 5.3A is to operate in relation to the Company as if s 439B(ii) referred to the period of 100 days and not 60 days.' "Leave be granted to any creditor and to Australian Securities and Investments Commission to apply on three days' notice in writing for such relief as such creditor or the...