I & J Foods Ltd v I & J Food Ltd [1995] FCA 534

I & J Foods Ltd v I & J Food Ltd [1995] FCA 534

Given the wide discretionary power under s447A of the Corporations Law and the disputes regarding the validity of the resolution, it is appropriate to set aside the creditors' resolution of 9 June 1995 and require the matter to be reconsidered without incurring unnecessary cost or delay.

Parties
Applicant: I & J Foods Limited; Company: Giga Investments Pty Ltd (Administrator Appointed); Administrator: Administrator of Giga Investments Pty Ltd
Jurisdiction
Australia
Judgment Date
30 June 1995
Procedural Posture
Corporations Application (voluntary Administration) / Application Seeking to Set Aside Creditors' Resolution and Recommit Issue to Creditors
Outcome
Resolution of 9 June 1995 to be set aside and orders to be made; Court will hear counsel on the precise terms of the orders.
Legal Topics
Voluntary Administration, Deed of Company Arrangement, Court's Discretionary Power Under S447 a
Corporations Law Insolvency Voluntary Administration Deed of Company Arrangement Court's Discretionary Power Under S447 a

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Parties

I & J Foods Limited

Applicant

Giga Investments Pty Ltd (Administrator Appointed)

Company

Administrator of Giga Investments Pty Ltd

Administrator

Procedural Posture

Corporations Application (voluntary Administration) / Application Seeking to Set Aside Creditors' Resolution and Recommit Issue to Creditors

Legal Issues

  1. 1 Whether the creditor's resolution for the company to execute a deed of company arrangement should be set aside
  2. 2 Whether the Court should exercise its discretion under s447A of the Corporations Law to set aside the resolution and require fresh consideration by creditors

Ratio Decidendi

Given the wide discretionary power under s447A of the Corporations Law and the disputes regarding the validity of the resolution, it is appropriate to set aside the creditors' resolution of 9 June 1995 and require the matter to be reconsidered without incurring unnecessary cost or delay.

Court Disposition

Resolution of 9 June 1995 to be set aside and orders to be made; Court will hear counsel on the precise terms of the orders.