In the matters of Keystone Group Holdings Pty Ltd (Receiver & Managers Appointed) (Administrators Appointed) and Others [2017] NSWSC 454

In the matters of Keystone Group Holdings Pty Ltd (Receiver & Managers Appointed) (Administrators Appointed) and Others [2017] NSWSC 454

Proper case made for extension due to complex and incomplete business sale agreements requiring more time. Orders made under s 447A to vary adjournment limits to 5 May 2017 for specified companies to maximise likely return to creditors, protect employees and facilitate sale process, supported by evidence and creditor support. Suppression orders warranted for confidential material.

Jurisdiction
Australia
Judgment Date
21 April 2017
Procedural Posture
Corporations External Administration Application / Orders on Extension of Convening Period and Suppression; Application Hearing and Post Hearing Variation
Outcome
Orders granted: extension of convening period, suppression orders, costs directions, variation under slip rule.
Legal Topics
["administrators' Application for Extension of Convening Period" "adjournment of Creditors' Meeting" 'variation of Operation of Pt 5.3 A' 'court Suppression Orders' 'sale of Business in Administration']
['corporations Law' 'insolvency Law'] ["administrators' Application for Extension of Convening Period" "adjournment of Creditors' Meeting" 'variation of Operation of Pt 5.3 A' 'court Suppression Orders' 'sale of Business in Administration']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations External Administration Application / Orders on Extension of Convening Period and Suppression; Application Hearing and Post Hearing Variation

Legal Issues

  1. 1 ['Whether the convening period for adjourned second meeting of creditors may be extended beyond statutory maximum under s 447A Corporations Act 2001' 'Whether Pt 5.3A and Corporations Regulations reg 5.6.18 can be varied to allow adjournment to a date later than permitted by statute' 'Appropriateness of suppression orders for certain affidavits and exhibits']

Ratio Decidendi

Proper case made for extension due to complex and incomplete business sale agreements requiring more time. Orders made under s 447A to vary adjournment limits to 5 May 2017 for specified companies to maximise likely return to creditors, protect employees and facilitate sale process, supported by evidence and creditor support. Suppression orders warranted for confidential material.

Court Disposition

Orders granted: extension of convening period, suppression orders, costs directions, variation under slip rule.

Orders

  • ['Pt 5.3A, Corporations Act 2001 operates in relation to specified plaintiffs as if reg 5.6.18(2) permitted adjournment to no later than 5 May 2017.' 'Pt 5.3A to operate as if reg 5.6.18(1) included an additional subsection (c) permitting chairperson to adjourn if administrator determines.' 'First Plaintiffs to give...