Hughes, in the matter of Lyon Infrastructure Investments 1 Pty Ltd (administrators appointed) [2019] FCA 919

Hughes, in the matter of Lyon Infrastructure Investments 1 Pty Ltd (administrators appointed) [2019] FCA 919

The evidentiary material established circumstances justifying extension, including the group's complex contractual arrangements, the administrators' ongoing investigations and sale process, lack of complete records, and the need to maximize creditor returns. No material prejudice to creditors from the extension was demonstrated.

Parties
Plaintiffs: Richard Hughes and David Orr, in their capacities as joint and several administrators of Lyon Infrastructure Investments 1 Pty Ltd (Administrators Appointed), Lyon Solar Pty Ltd (Administrators Appointed) and Lyon Battery and Storage Pty Ltd (Administrators Appointed)
Jurisdiction
Australia
Judgment Date
31 May 2019
Procedural Posture
Corporations Application Regarding Administration / Ex Parte Application for Extension of Convening Period
Outcome
Extension granted
Legal Topics
Voluntary Administration, Extension of Convening Period, Meetings of Creditors
Corporations Law Insolvency Voluntary Administration Extension of Convening Period Meetings of Creditors

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Parties

Richard Hughes and David Orr, in their capacities as joint and several administrators of Lyon Infrastructure Investments 1 Pty Ltd (Administrators Appointed), Lyon Solar Pty Ltd (Administrators Appointed) and Lyon Battery and Storage Pty Ltd (Administrators Appointed)

Plaintiffs

Procedural Posture

Corporations Application Regarding Administration / Ex Parte Application for Extension of Convening Period

Legal Issues

  1. 1 Whether the convening period for the second creditors' meeting should be extended under s 439A(6) of the Corporations Act 2001 (Cth)
  2. 2 Whether facilitating orders should be made under s 447A(1) of the Corporations Act 2001 (Cth)

Ratio Decidendi

The evidentiary material established circumstances justifying extension, including the group's complex contractual arrangements, the administrators' ongoing investigations and sale process, lack of complete records, and the need to maximize creditor returns. No material prejudice to creditors from the extension was demonstrated.

Court Disposition

Extension granted

Orders

  • The period for convening creditors' meetings is extended up to and including 2 August 2019 (s 439A(6), Corporations Act 2001 (Cth)).
  • Part 5.3A is to operate so meetings may occur at any time during or within five business days after the extended convening period, despite s 439A(2).