In the matter of New Cap Reinsurance Corporation Limited (in liquidation) (subject to a scheme of arrangement) [2012] NSWSC 1648

In the matter of New Cap Reinsurance Corporation Limited (in liquidation) (subject to a scheme of arrangement) [2012] NSWSC 1648

The extension was granted because NCRA and Mr Gibbons were interested persons with standing, holding the s 508 creditors' meeting and scheme meeting on the same day in London would materially save costs and avoid inconvenience for creditors and the liquidator, the additional delay was short, the application was not opposed by notified committee members, and no substantial injustice or risk of injustice to any person was likely.

Jurisdiction
Australia
Judgment Date
11 September 2012
Procedural Posture
Interlocutory Application / Application for Extension of Time to Convene the Next Annual General Meeting of the First Plaintiff's Creditors Under S 508(1)(b) of the Corporations Act 2001 (cth)
Outcome
Order granted for extension of time for the convening of the next annual general meeting of the First Plaintiff's creditors with specified directions.
Legal Topics
['voluntary Winding Up' 'annual Meeting of Creditors' 'extension of Time' 'scheme of Arrangement' 'substantial Injustice' 'costs in Liquidation']
['corporations' 'insolvency' 'winding Up'] ['voluntary Winding Up' 'annual Meeting of Creditors' 'extension of Time' 'scheme of Arrangement' 'substantial Injustice' 'costs in Liquidation']

Case Brief

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Procedural Posture

Interlocutory Application / Application for Extension of Time to Convene the Next Annual General Meeting of the First Plaintiff's Creditors Under S 508(1)(b) of the Corporations Act 2001 (cth)

Legal Issues

  1. 1 ["Whether the Court should extend the time for convening the next annual general meeting of NCRA's creditors required under s 508(1)(b) of the Corporations Act 2001 (Cth) to 31 October 2012." "Whether the extension would be convenient and cost effective for creditors by allowing the creditors' meeting and scheme meeting to be held on the same day in London." 'Whether any substantial injustice was likely to be caused to any person by granting the extension.']

Ratio Decidendi

The extension was granted because NCRA and Mr Gibbons were interested persons with standing, holding the s 508 creditors' meeting and scheme meeting on the same day in London would materially save costs and avoid inconvenience for creditors and the liquidator, the additional delay was short, the application was not opposed by notified committee members, and no substantial injustice or risk of injustice to any person was likely.

Court Disposition

Order granted for extension of time for the convening of the next annual general meeting of the First Plaintiff's creditors with specified directions.

Orders

  • ["An order extending the time for the convening of the next annual general meeting of the first plaintiff's creditors required under s 508(1)(b) of the Corporations Act, to 31 October 2012." "A direction that the second plaintiff circulate a copy of the orders as made by the Court to each member of the first...