In the matter of First Debenture Limited [2015] NSWSC 1808

In the matter of First Debenture Limited [2015] NSWSC 1808

The appointment of a provisional liquidator, even if not intended to end the administration, did so as a matter of law pursuant to s 435C(3)(g) of the Corporations Act 2001. There was insufficient reason in the interests of the company or creditors to revive the administration under s 447A.

Jurisdiction
Australia
Judgment Date
11 September 2015
Procedural Posture
Corporations – Voluntary Administration / Interlocutory Application to Revive Administration After Appointment of Provisional Liquidator
Outcome
Administration declared ended; interlocutory process dismissed
Legal Topics
['voluntary Administration' 'appointment of Provisional Liquidator' 'interpretation of Corporations Act 2001 S 435 C and S 447 A']
['corporations Law' 'equity'] ['voluntary Administration' 'appointment of Provisional Liquidator' 'interpretation of Corporations Act 2001 S 435 C and S 447 A']

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Procedural Posture

Corporations – Voluntary Administration / Interlocutory Application to Revive Administration After Appointment of Provisional Liquidator

Legal Issues

  1. 1 ['Whether appointment of a provisional liquidator ends voluntary administration under Corporations Act 2001 s 435C(3)(g)' 'Whether court should order under s 447A that voluntary administration continues or is revived despite appointment of provisional liquidator']

Ratio Decidendi

The appointment of a provisional liquidator, even if not intended to end the administration, did so as a matter of law pursuant to s 435C(3)(g) of the Corporations Act 2001. There was insufficient reason in the interests of the company or creditors to revive the administration under s 447A.

Court Disposition

Administration declared ended; interlocutory process dismissed

Orders

  • ['Administration of First Debenture Limited ended pursuant to Corporations Act s 435C(3)(g) on 14 August 2015' 'Interlocutory process filed on 4 September 2015 otherwise dismissed' "Fifth defendant to pay applicant's costs of the interlocutory process"]