Dixon, in the matter of 15 Norman Ave Pty Ltd (Administrators Appointed) [2018] FCA 1061

Dixon, in the matter of 15 Norman Ave Pty Ltd (Administrators Appointed) [2018] FCA 1061

The application was brought by the administrators within the convening period, the requested extension was relatively short, and further time was needed to obtain valuations of real property assets and assess the proposed DOCA so that the administrators could decide whether it or liquidation would better serve creditors. Those matters justified exercising the discretion under s 439A(6) and making ancillary orders under s 447A.

Jurisdiction
Australia
Judgment Date
05 July 2018
Procedural Posture
Application to Extend the Convening Period for the Second Meeting of Creditors Under S 439 A(6) of the Corporations Act 2001 (cth) and for Ancillary Orders Under S 447 a / Application Heard and Determined on 5 July 2018
Outcome
Application granted.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'property Valuations' 'part 5.3 a of the Corporations Act 2001 (cth)']
['commercial and Corporations' 'corporations and Corporate Insolvency'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'property Valuations' 'part 5.3 a of the Corporations Act 2001 (cth)']

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Procedural Posture

Application to Extend the Convening Period for the Second Meeting of Creditors Under S 439 A(6) of the Corporations Act 2001 (cth) and for Ancillary Orders Under S 447 a / Application Heard and Determined on 5 July 2018

Legal Issues

  1. 1 ['Whether the convening period for the second meeting of creditors of the Companies should be extended under s 439A(6) of the Corporations Act 2001 (Cth).' 'Whether ancillary orders should be made under s 447A so that the second meetings may be held during or within five business days after the extended convening period.' "Whether the administrators required further time to investigate the Companies' affairs, obtain valuations of real property assets and assess a proposed DOCA."]

Ratio Decidendi

The application was brought by the administrators within the convening period, the requested extension was relatively short, and further time was needed to obtain valuations of real property assets and assess the proposed DOCA so that the administrators could decide whether it or liquidation would better serve creditors. Those matters justified exercising the discretion under s 439A(6) and making ancillary orders under s 447A.

Court Disposition

Application granted.

Orders

  • ['Pursuant to s 439A(6) of the Corporations Act 2001 (Cth), the convening period as defined in s 439A(5) be extended for the Companies to 17 August 2018.' 'Pursuant to s 447A(1) of the Act, pt 5.3A of the Act is to operate such that the second meetings may be held, together or separately, at any time during or...