Lombe re Australian Discount Retail Pty Ltd [2009] NSWSC 110

Lombe re Australian Discount Retail Pty Ltd [2009] NSWSC 110

Given the complexity of the administration, creditor support, and the importance of facilitating a going concern sale, and that s 439A(6) allows only one extension, it is appropriate to use s 447A to further extend the convening period to 18 August 2009 in the best interests of creditors.

Jurisdiction
Australia
Judgment Date
03 March 2009
Procedural Posture
Voluntary Administration Corporations / Application for Extension of Convening Period for Second Creditors' Meeting
Outcome
Application granted
Legal Topics
['extension of Convening Period' 'voluntary Administration' 'second Meeting of Creditors']
['corporations Law' 'insolvency' 'equity'] ['extension of Convening Period' 'voluntary Administration' 'second Meeting of Creditors']

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Procedural Posture

Voluntary Administration Corporations / Application for Extension of Convening Period for Second Creditors' Meeting

Legal Issues

  1. 1 ['Whether an order should be made to further extend the convening period for the second meeting of creditors under voluntary administration' 'Whether s 439A(6) code allows multiple extensions or only one extension' 'Whether s 447A can be used for a second or further extension after s 439A(6) has been used']

Ratio Decidendi

Given the complexity of the administration, creditor support, and the importance of facilitating a going concern sale, and that s 439A(6) allows only one extension, it is appropriate to use s 447A to further extend the convening period to 18 August 2009 in the best interests of creditors.

Court Disposition

Application granted

Orders

  • ['Order under s 447A of the Corporations Act 2001 that Part 5.3A is to have effect as if the convening period were extended to 18 August 2009 for all relevant companies.' 'Order under s 447A permitting the administrators to hold the second meeting of creditors at any time during or within five business days after...