In the matter of University Co-operative Bookshop Limited (admins apptd) (No 2) [2020] NSWSC 97

In the matter of University Co-operative Bookshop Limited (admins apptd) (No 2) [2020] NSWSC 97

Directions were appropriate under s 90-15 IPS in respect of IPS/IPR provisions that reenact former Corporations Act/Regulations provisions as they apply to the administration of the Co-op. Where new IPS/IPR provisions had no equivalence in repealed Corporations Act or Regulations, orders under s 447A Corporations Act properly modify Pt 5.3A to apply those new provisions to the cooperative’s administration.

Parties
Administrator: Philip Carter; Administrator: Daniel Walley; Administrator: Andrew Scott; Co Operative / Respondent: University Co-operative Bookshop Limited; Solicitor for Administrators: Herbert Smith Freehills
Jurisdiction
Australia
Judgment Date
20 February 2020
Procedural Posture
Corporations Voluntary Administration / Directions/orders on Application in Chambers
Outcome
Directions and orders made as sought by administrators
Legal Topics
Voluntary Administration, Application of Corporations Act to Co Operatives, Directions to Administrators, Statutory Interpretation, External Administration
Corporations Law Insolvency Voluntary Administration Application of Corporations Act to Co Operatives Directions to Administrators Statutory Interpretation External Administration

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 11 Party arguments 2
Sign in to unlock

Parties

Philip Carter

Administrator

Daniel Walley

Administrator

Andrew Scott

Administrator

University Co-operative Bookshop Limited

Co Operative / Respondent

Herbert Smith Freehills

Solicitor for Administrators

Procedural Posture

Corporations Voluntary Administration / Directions/orders on Application in Chambers

Legal Issues

  1. 1 Whether the provisions of the Insolvency Practice Schedule (Corporations) and Insolvency Practice Rules (Corporations) 2016 apply to the external administration of a co-operative registered in NSW
  2. 2 Whether directions should be given under s 90-15 of the IPS
  3. 3 Whether orders should be made under s 447A of the Corporations Act to apply new provisions to the administration of the co-operative

Ratio Decidendi

Directions were appropriate under s 90-15 IPS in respect of IPS/IPR provisions that reenact former Corporations Act/Regulations provisions as they apply to the administration of the Co-op. Where new IPS/IPR provisions had no equivalence in repealed Corporations Act or Regulations, orders under s 447A Corporations Act properly modify Pt 5.3A to apply those new provisions to the cooperative’s administration.

Court Disposition

Directions and orders made as sought by administrators

Orders

  • Direction under s 90-15 of the IPS that specified provisions of the IPS and IPR are applicable in the administration of the University Co-operative Bookshop Limited (Administrators Appointed).
  • Order under s 447A of the Corporations Act 2001 that Pt 5.3A is to operate to apply specified new provisions of the IPS and IPR to the administration.