Fortress Credit Corporation (Australia) II Pty Limited v Fletcher [2015] HCA 10

Fortress Credit Corporation (Australia) II Pty Limited v Fletcher [2015] HCA 10

Section 588FF(3)(b) of the Corporations Act 2001 (Cth) empowers a court to extend the time within which a liquidator may make an application under s 588FF(1) for orders in relation to voidable transactions, and such an extension order does not need to identify the specific transaction(s) to which it will relate. The Court of Appeal's construction, permitting 'shelf orders', is consistent with the text, legislative history, and policy of s 588FF and is not precluded by the statutory language or the re-enactment history.

Parties
Appellants: Fortress Credit Corporation (Australia) II Pty Limited & Anor; Respondents: William John Fletcher and Katherine Barnet as liquidators of Octaviar Limited (Receiver and Managers Appointed) (In Liquidation) and Octaviar Administration Pty Limited & Ors
Jurisdiction
Australia
Judgment Date
11 March 2015
Procedural Posture
Appeal / High Court Judgment on Appeal From Court of Appeal of Supreme Court of New South Wales
Outcome
Appeal dismissed with costs.
Legal Topics
Winding Up, Voidable Transactions, Extension of Time Orders, Section 588 Ff(3)(b) of Corporations Act 2001 (cth), Shelf Orders
Corporations Law Insolvency Law Winding Up Voidable Transactions Extension of Time Orders Section 588 Ff(3)(b) of Corporations Act 2001 (cth) Shelf Orders

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Parties

Fortress Credit Corporation (Australia) II Pty Limited & Anor

Appellants

William John Fletcher and Katherine Barnet as liquidators of Octaviar Limited (Receiver and Managers Appointed) (In Liquidation) and Octaviar Administration Pty Limited & Ors

Respondents

Procedural Posture

Appeal / High Court Judgment on Appeal From Court of Appeal of Supreme Court of New South Wales

Legal Issues

  1. 1 Whether section 588FF(3)(b) of the Corporations Act 2001 (Cth) empowers courts to make orders extending time for liquidators to make applications under s 588FF(1) without identifying the particular transaction(s) to which it would apply.

Ratio Decidendi

Section 588FF(3)(b) of the Corporations Act 2001 (Cth) empowers a court to extend the time within which a liquidator may make an application under s 588FF(1) for orders in relation to voidable transactions, and such an extension order does not need to identify the specific transaction(s) to which it will relate. The Court of Appeal's construction, permitting 'shelf orders', is consistent with the text, legislative history, and policy of s 588FF and is not precluded by the statutory language or the re-enactment history.

Court Disposition

Appeal dismissed with costs.

Orders

  • Appeal dismissed with costs.