In the matter of Patinack Farm Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 2 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 3 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 4 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 5 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 6 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 7 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 8 Pty Limited (administrators appointed); In the matter of Monegeetta Holdings Pty Ltd (administrators appointed) [2015] NSWSC 1638

In the matter of Patinack Farm Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 2 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 3 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 4 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 5 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 6 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 7 Pty Limited (administrators appointed); In the matter of Patinack Farm Holdings No 8 Pty Limited (administrators appointed); In the matter of Monegeetta Holdings Pty Ltd (administrators appointed) [2015] NSWSC 1638

The complexity of the Companies' affairs, the need for further investigation of third party securities and intercompany matters, the possibility of a deed of company arrangement, the prospect that unsecured creditors would receive no return in liquidation, and the absence of real prejudice to creditors justified extending the convening period. For related reasons, and because the adjournment was short and preserved Jefferies Group LLC's ability to seek to vary the orders, the Court was satisfied that adjourning the winding up proceedings was in the interests of the Companies' creditors.

Jurisdiction
Australia
Judgment Date
17 September 2015
Procedural Posture
Corporations Administration and Winding Up Proceedings / Interlocutory Application by Administrators to Extend the Convening Period for the Second Meeting of Creditors and Adjourn Winding Up Proceedings
Outcome
Extension of convening period granted; winding up proceedings adjourned; orders made in accordance with short minutes of order.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'winding Up Application' 'deed of Company Arrangement' 'secured Creditors']
['corporations Law' 'insolvency'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'winding Up Application' 'deed of Company Arrangement' 'secured Creditors']

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Procedural Posture

Corporations Administration and Winding Up Proceedings / Interlocutory Application by Administrators to Extend the Convening Period for the Second Meeting of Creditors and Adjourn Winding Up Proceedings

Legal Issues

  1. 1 ['Whether the Court should extend the convening period for the second meeting of creditors under Corporations Act 2001 (Cth) s 439A(6).' 'Whether the winding up proceedings should be adjourned under Corporations Act 2001 (Cth) s 440A(2).']

Ratio Decidendi

The complexity of the Companies' affairs, the need for further investigation of third party securities and intercompany matters, the possibility of a deed of company arrangement, the prospect that unsecured creditors would receive no return in liquidation, and the absence of real prejudice to creditors justified extending the convening period. For related reasons, and because the adjournment was short and preserved Jefferies Group LLC's ability to seek to vary the orders, the Court was satisfied that adjourning the winding up proceedings was in the interests of the Companies' creditors.

Court Disposition

Extension of convening period granted; winding up proceedings adjourned; orders made in accordance with short minutes of order.

Orders

  • ['The convening period for the second meeting of creditors was extended from 18 September 2015 up to and including 23 October 2015.' 'The winding up proceedings listed on 12 October 2015 were adjourned to 9 November 2015.' 'Notification of the outcome to creditors by electronic means was permitted.' 'Affected...