In the matter of Derwent Howard Media Pty Limited [2011] NSWSC 1164

In the matter of Derwent Howard Media Pty Limited [2011] NSWSC 1164

The extension of the deadline for payment did not prejudice creditors and would avoid premature termination of the deed, preserving their participation and enabling consideration of further variations. Consent from the main creditor supported the order.

Jurisdiction
Australia
Judgment Date
28 September 2011
Procedural Posture
Application Under Corporations Act / Order Varying Deed of Company Arrangement
Outcome
Deed of company arrangement varied by court order under s 447A of the Corporations Act
Legal Topics
['deed of Company Arrangement' 'power of Court to Vary Deed' 'priority Creditors' 'variation of Deadline']
['corporations Law'] ['deed of Company Arrangement' 'power of Court to Vary Deed' 'priority Creditors' 'variation of Deadline']

Case Brief

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Procedural Posture

Application Under Corporations Act / Order Varying Deed of Company Arrangement

Legal Issues

  1. 1 ['Whether the court should exercise its power to vary the deed of company arrangement under s 447A of the Corporations Act' 'Whether creditor interests would be prejudiced by the extension of the deadline']

Ratio Decidendi

The extension of the deadline for payment did not prejudice creditors and would avoid premature termination of the deed, preserving their participation and enabling consideration of further variations. Consent from the main creditor supported the order.

Court Disposition

Deed of company arrangement varied by court order under s 447A of the Corporations Act

Orders

  • ['Order pursuant to s 447A of the Corporations Act 2011 (Cth): Part 5.3A of the Act is to have effect in relation to Derwent Howard Media Pty Limited as if the date first mentioned in clause 5.3 of the Deed of Company Arrangement dated 15 December 2009 were 30 December 2011.']