A.C.N. 167 118 005, in the matter of A.C.N. 167 118 005 Pty Limited (Administrators appointed) and A.C.N. 169 221 756 Pty Limited (Administrators appointed) [2014] FCA 930

A.C.N. 167 118 005, in the matter of A.C.N. 167 118 005 Pty Limited (Administrators appointed) and A.C.N. 169 221 756 Pty Limited (Administrators appointed) [2014] FCA 930

Extension of convening period is justified and appropriate to facilitate asset removal, deed of company arrangement negotiation, payment of purchase price balance, and preparation of the report required under s 439A(4). The interests of employee creditors and unsecured creditors support the extension. Evidence of creditor support or non-opposition strengthens the appropriateness of the extension.

Jurisdiction
Australia
Judgment Date
22 August 2014
Procedural Posture
Application / Extension of Convening Period
Outcome
Application granted
Legal Topics
['administrators Appointed' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement']
['corporations'] ['administrators Appointed' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement']

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Procedural Posture

Application / Extension of Convening Period

Legal Issues

  1. 1 ['Should the convening period for the second meeting of creditors of each company be extended under s 439A(6) of the Corporations Act 2001 (Cth)?']

Ratio Decidendi

Extension of convening period is justified and appropriate to facilitate asset removal, deed of company arrangement negotiation, payment of purchase price balance, and preparation of the report required under s 439A(4). The interests of employee creditors and unsecured creditors support the extension. Evidence of creditor support or non-opposition strengthens the appropriateness of the extension.

Court Disposition

Application granted

Orders

  • ['The application be heard instanter.' 'The period specified by s 439A(5)(b) for convening a meeting of creditors of A.C.N 167 118 005 Pty Limited (administrators appointed) is extended to midnight on 1 November 2014.' 'Part 5.3A of the Act has effect so the meeting of creditors required under s 439A(1) of the Act...