Re W C Penfold; ex parte Lombe [2004] NSWSC 248

Re W C Penfold; ex parte Lombe [2004] NSWSC 248

The extension was warranted because the companies operated a large retail business requiring an extended sale or restructuring process, the administrators had done substantial work and proposed a detailed timetable, secured creditors supported or did not oppose the administration continuing, and the evidence did not show adverse impact on persons affected by the statutory moratorium.

Jurisdiction
Australia
Judgment Date
24 March 2004
Procedural Posture
Corporations Voluntary Administration Application for Extension of Convening Period / Ex Parte Hearing of Originating Process
Outcome
Convening period extended.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'sale or Restructuring of Business During Administration']
['corporations Law' 'insolvency'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'sale or Restructuring of Business During Administration']

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Procedural Posture

Corporations Voluntary Administration Application for Extension of Convening Period / Ex Parte Hearing of Originating Process

Legal Issues

  1. 1 ['Whether the convening period for the second meeting of creditors should be extended up to and including 28 May 2004.' "Whether the proposed extension was justified by the size of the business and the administrators' sale or restructuring process." 'Whether creditors, employees, lessors or other persons affected by the statutory moratorium would be prejudicially affected by the extension.']

Ratio Decidendi

The extension was warranted because the companies operated a large retail business requiring an extended sale or restructuring process, the administrators had done substantial work and proposed a detailed timetable, secured creditors supported or did not oppose the administration continuing, and the evidence did not show adverse impact on persons affected by the statutory moratorium.

Court Disposition

Convening period extended.

Orders

  • ["Leave granted to the plaintiffs, subject to their solicitor's undertaking to pay the filing fee, to file in Court the originating process together with the affidavits of Morgan John Kelly and David John Frank Lombe each made 24 March 2004." 'The originating process was made returnable instanter and service of the...