ASIC v Australis Mining Corp Ltd [2005] NSWSC 1109

ASIC v Australis Mining Corp Ltd [2005] NSWSC 1109

Given the evidence from the administrators regarding ongoing financial support by Nikiticorp contingent on administration continuing, and a realistic prospect of a deed of company arrangement, it is in creditors' interests to allow administration to continue rather than appoint a provisional liquidator or receiver at this stage.

Jurisdiction
Australia
Judgment Date
02 November 2005
Procedural Posture
Corporations Winding Up Insolvency / Interlocutory Application for Appointment of Provisional Liquidator or Receiver; Adjournment
Outcome
Proceedings adjourned.
Legal Topics
['winding Up' 'insolvency' 'voluntary Administration' 'appointment of Provisional Liquidator or Receiver' 'adjournment of Proceedings']
['corporations Law'] ['winding Up' 'insolvency' 'voluntary Administration' 'appointment of Provisional Liquidator or Receiver' 'adjournment of Proceedings']

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Procedural Posture

Corporations Winding Up Insolvency / Interlocutory Application for Appointment of Provisional Liquidator or Receiver; Adjournment

Legal Issues

  1. 1 ['Whether proceedings for appointment of provisional liquidator or receiver should be adjourned given the appointment of voluntary administrators and ongoing funding arrangements']

Ratio Decidendi

Given the evidence from the administrators regarding ongoing financial support by Nikiticorp contingent on administration continuing, and a realistic prospect of a deed of company arrangement, it is in creditors' interests to allow administration to continue rather than appoint a provisional liquidator or receiver at this stage.

Court Disposition

Proceedings adjourned.

Orders

  • ['The originating process and interlocutory process stood over to 28 November 2005 at 10am before the Corporations List judge.' 'All parties have liberty to apply on two days notice.']