Secatore, in the matter of In-Fusion Management Pty Ltd (Administrators Appointed) [2016] FCA 1072

Secatore, in the matter of In-Fusion Management Pty Ltd (Administrators Appointed) [2016] FCA 1072

The extension of time for convening the second creditors' meeting is granted as it will facilitate the sale of the business as a going concern, maximise value for creditors, enable provision of adequate information to creditors, avoid premature decisions, maintain employment, and is not opposed by the major unsecured creditor, with no prejudice to creditors identified.

Parties
Plaintiffs: Bruno Anthony Secatore and Glenn John Spooner in their capacity as joint and several administrators of In-Fusion Management Pty Ltd (Administrators Appointed) (ACN 133 901 434)
Jurisdiction
Australia
Judgment Date
02 September 2016
Procedural Posture
Corporations Insolvency Voluntary Administration / Application for Extension of Time for Convening Second Creditors' Meeting
Outcome
Extension granted
Legal Topics
Voluntary Administration, Extension of Convening Period, Creditors' Meetings
Corporations Law Insolvency Voluntary Administration Extension of Convening Period Creditors' Meetings

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Parties

Bruno Anthony Secatore and Glenn John Spooner in their capacity as joint and several administrators of In-Fusion Management Pty Ltd (Administrators Appointed) (ACN 133 901 434)

Plaintiffs

Procedural Posture

Corporations Insolvency Voluntary Administration / Application for Extension of Time for Convening Second Creditors' Meeting

Legal Issues

  1. 1 Whether to extend the period within which the administrators must convene the second meeting of creditors under s 439A(6) of the Corporations Act 2001 (Cth)

Ratio Decidendi

The extension of time for convening the second creditors' meeting is granted as it will facilitate the sale of the business as a going concern, maximise value for creditors, enable provision of adequate information to creditors, avoid premature decisions, maintain employment, and is not opposed by the major unsecured creditor, with no prejudice to creditors identified.

Court Disposition

Extension granted

Orders

  • The time for convening the second meeting of creditors is extended up to and including 4 October 2016 (s 439A(6) Corporations Act 2001 (Cth)).
  • Part 5.3A of the Act to have effect such that the meeting may be held within five business days after the end of the extended convening period (s 447A(1)).