In the matter of New Cap Reinsurance Corporation Limited (in liq) (Subject to a Scheme of Arrangement) [2014] NSWSC 980

In the matter of New Cap Reinsurance Corporation Limited (in liq) (Subject to a Scheme of Arrangement) [2014] NSWSC 980

Interests of economy and efficiency in finalising the winding up, and support of the committee of inspection, established a case for extension; no substantial injustice would be caused; therefore, the extension of time for convening the annual meeting was granted.

Parties
First Plaintiff: New Cap Reinsurance Corporation Limited (in liq) (Subject to a Scheme of Arrangement) ACN 075 962 551; Second Plaintiff: John Raymond Gibbons in his capacity as liquidator of New Cap Reinsurance Corporation Limited (in liq) ACN 075 962 551
Jurisdiction
Australia
Judgment Date
21 July 2014
Procedural Posture
Application in Winding Up Proceedings / Application for Extension of Time for Convening Annual General Meeting
Outcome
Application granted; time for convening annual general meeting of creditors extended.
Legal Topics
External Administration, Winding Up, Annual General Meetings of Creditors, Extension of Time
Corporations Law External Administration Winding Up Annual General Meetings of Creditors Extension of Time

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 5 Party arguments 1
Sign in to unlock

Parties

New Cap Reinsurance Corporation Limited (in liq) (Subject to a Scheme of Arrangement) ACN 075 962 551

First Plaintiff

John Raymond Gibbons in his capacity as liquidator of New Cap Reinsurance Corporation Limited (in liq) ACN 075 962 551

Second Plaintiff

Procedural Posture

Application in Winding Up Proceedings / Application for Extension of Time for Convening Annual General Meeting

Legal Issues

  1. 1 Whether the Court should extend the time for convening the annual general meeting of creditors under Corporations Act s 508(1)
  2. 2 Whether the extension would cause substantial injustice to any person

Ratio Decidendi

Interests of economy and efficiency in finalising the winding up, and support of the committee of inspection, established a case for extension; no substantial injustice would be caused; therefore, the extension of time for convening the annual meeting was granted.

Court Disposition

Application granted; time for convening annual general meeting of creditors extended.

Orders

  • Time for convening the next annual meeting of the first plaintiff's creditors required under Corporations Act, s 508(1)(b), be extended to 21 December 2014.
  • Plaintiffs and any member of the first plaintiff's committee of inspection granted liberty to apply on seven days' notice.