Kijurina and Albarran as joint and several administrators, in the matter of S.K International Business Developments Pty Ltd (administrators appointed) [2014] FCA 1421

Kijurina and Albarran as joint and several administrators, in the matter of S.K International Business Developments Pty Ltd (administrators appointed) [2014] FCA 1421

Given the activities outstanding, the progress made towards valuation and sale, and the consent of creditors, it is appropriate to extend the convening period to allow the administration to proceed in a manner likely to realise the best value for creditors.

Parties
First Plaintiff: Brent Kijurina and Richard Albarran as joint and several administrators of S. K International Business Developments Pty Ltd (ACN 098 371 727) (administrators appointed); Second Plaintiff: S. K International Business Developments Pty Ltd (ACN 098 371 727) (administrators appointed)
Jurisdiction
Australia
Judgment Date
19 December 2014
Procedural Posture
Corporate Insolvency Administration / Application for Extension of Time to Convene Creditors' Meeting
Outcome
extension of time granted
Legal Topics
Administrators' Powers, Extension of Convening Period, Creditors' Meeting
Corporations Law Insolvency Administrators' Powers Extension of Convening Period Creditors' Meeting

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Parties

Brent Kijurina and Richard Albarran as joint and several administrators of S. K International Business Developments Pty Ltd (ACN 098 371 727) (administrators appointed)

First Plaintiff

S. K International Business Developments Pty Ltd (ACN 098 371 727) (administrators appointed)

Second Plaintiff

Procedural Posture

Corporate Insolvency Administration / Application for Extension of Time to Convene Creditors' Meeting

Legal Issues

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

Ratio Decidendi

Given the activities outstanding, the progress made towards valuation and sale, and the consent of creditors, it is appropriate to extend the convening period to allow the administration to proceed in a manner likely to realise the best value for creditors.

Court Disposition

extension of time granted

Orders

  • The period within which the Administrators must convene a meeting of creditors is extended up to and including 31 March 2015.
  • The creditors' meeting may be held at any time during the extended convening period and 5 business days after, notwithstanding s 439A(2) of the Act.