In the matter of Regional Express Holdings Limited (Administrators Appointed) [2024] NSWSC 1672

In the matter of Regional Express Holdings Limited (Administrators Appointed) [2024] NSWSC 1672

Leave to commence proceedings was granted because ASIC's application was brought in the public interest, sought only declaratory relief (with no pecuniary penalty or costs against the company or administrators), and conditions minimised prejudice to the voluntary administration.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: Regional Express Holdings Limited (Administrators Appointed); Second Defendant: Lim Kim Hai; Third Defendant: The Honourable John Randell Sharp AM; Fourth Defendant: Siddharth Dilip Khotkar; Fifth Defendant: Lincoln Lin Feng Pan
Jurisdiction
Australia
Judgment Date
18 December 2024
Procedural Posture
Corporations Law Originative Application / Application for Leave to Commence Proceedings Against Company in Administration
Outcome
Leave granted to commence proceedings
Legal Topics
Voluntary Administration, Leave to Proceed, Declaratory Relief, Regulatory Proceedings, Continuous Disclosure
Corporations Law Voluntary Administration Leave to Proceed Declaratory Relief Regulatory Proceedings Continuous Disclosure

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Parties

Australian Securities and Investments Commission

Plaintiff

Regional Express Holdings Limited (Administrators Appointed)

First Defendant

Lim Kim Hai

Second Defendant

The Honourable John Randell Sharp AM

Third Defendant

Siddharth Dilip Khotkar

Fourth Defendant

Lincoln Lin Feng Pan

Fifth Defendant

Procedural Posture

Corporations Law Originative Application / Application for Leave to Commence Proceedings Against Company in Administration

Legal Issues

  1. 1 Whether the Court should grant leave under s 440D of the Corporations Act 2001 (Cth) for ASIC to commence proceedings against Regional Express Holdings Limited (Administrators Appointed) during voluntary administration

Ratio Decidendi

Leave to commence proceedings was granted because ASIC's application was brought in the public interest, sought only declaratory relief (with no pecuniary penalty or costs against the company or administrators), and conditions minimised prejudice to the voluntary administration.

Court Disposition

Leave granted to commence proceedings

Orders

  • Grant leave to the Plaintiff to commence proceedings against the First Defendant under s 440D of the Corporations Act 2001 (Cth) on conditions agreed with voluntary administrators, as recorded in the orders.