Hancock and Hird as voluntary administrators, in the matter of BC3 Thoroughbreds Aus Pty Ltd (administrators appointed) and BC3 Thoroughbreds Pty Ltd (administrators appointed) [2013] FCA 1447

Hancock and Hird as voluntary administrators, in the matter of BC3 Thoroughbreds Aus Pty Ltd (administrators appointed) and BC3 Thoroughbreds Pty Ltd (administrators appointed) [2013] FCA 1447

Given the complexity and size of the issues surrounding the business of BC3 Aus, the ongoing police and Racing Victoria investigations, the uncertainty regarding ownership and value of assets, the prospect of a deed of company arrangement, and creditor endorsement, it is appropriate to grant the extension of the convening period for the second creditors’ meeting as sought.

Jurisdiction
Australia
Judgment Date
20 December 2013
Procedural Posture
Corporate Insolvency/administration / Application for Extension of Convening Period for Second Creditors' Meeting
Outcome
Extension of convening period granted; consequential orders made.
Legal Topics
['voluntary Administration' 'extension of Convening Period' "second Creditors' Meeting"]
['corporations Law'] ['voluntary Administration' 'extension of Convening Period' "second Creditors' Meeting"]

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Procedural Posture

Corporate Insolvency/administration / Application for Extension of Convening Period for Second Creditors' Meeting

Legal Issues

  1. 1 ['Whether an extension of the convening period for the second meeting of creditors should be granted under s 439A(6) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

Given the complexity and size of the issues surrounding the business of BC3 Aus, the ongoing police and Racing Victoria investigations, the uncertainty regarding ownership and value of assets, the prospect of a deed of company arrangement, and creditor endorsement, it is appropriate to grant the extension of the convening period for the second creditors’ meeting as sought.

Court Disposition

Extension of convening period granted; consequential orders made.

Orders

  • ['The period for convening the second meetings of creditors of BC3 Thoroughbreds Aus Pty Ltd and BC3 Thoroughbreds Pty Ltd extended to 15 April 2014.' 'Meetings of creditors required by s 439A may be held any time during or within 5 business days after the end of the convening period as extended.' 'Administrators to...