In the matter of Pinnacle Drilling Pty Ltd (admins apptd) & Ors [2015] NSWSC 1051

In the matter of Pinnacle Drilling Pty Ltd (admins apptd) & Ors [2015] NSWSC 1051

The case for an extension of the convening period for the second creditors' meeting was made out as it would facilitate completion of a going concern sale, benefit employees, maximise returns for creditors, and is unopposed by major creditors and employees.

Parties
Applicants: Vaughan Strawbridge and Neil Cussen in their capacity as administrators of Pinnacle Drilling Pty Ltd (admins apptd) (ACN 052 316 579); Pinnacle Drilling Underground Pty Ltd (admins apptd) (ACN 129 163 837); Zig Zag Investments Pty Ltd (admins apptd) (ACN 002 053 321)
Jurisdiction
Australia
Judgment Date
20 May 2015
Procedural Posture
Application / Order for the Extension of the Convening Period for Second Meeting of Creditors
Outcome
Order made extending convening period for second creditors' meeting.
Legal Topics
Administration, Creditors' Meetings, Extension of Convening Period
Corporations Law Administration Creditors' Meetings Extension of Convening Period

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Parties

Vaughan Strawbridge and Neil Cussen in their capacity as administrators of Pinnacle Drilling Pty Ltd (admins apptd) (ACN 052 316 579); Pinnacle Drilling Underground Pty Ltd (admins apptd) (ACN 129 163 837); Zig Zag Investments Pty Ltd (admins apptd) (ACN 002 053 321)

Applicants

Procedural Posture

Application / Order for the Extension of the Convening Period for Second Meeting of Creditors

Legal Issues

  1. 1 Whether an order should be made under s 439A(6) of the Corporations Act 2001 (Cth) to extend the convening period for the second meeting of creditors

Ratio Decidendi

The case for an extension of the convening period for the second creditors' meeting was made out as it would facilitate completion of a going concern sale, benefit employees, maximise returns for creditors, and is unopposed by major creditors and employees.

Court Disposition

Order made extending convening period for second creditors' meeting.

Orders

  • Order extending time for convening and holding of second meeting of creditors up to and including 26 August 2015.
  • Order for giving notice to creditors by electronic circular attaching Court's orders.