Morgan, in the matter of Can Can Lingerie Group Pty Limited (Administrators Appointed) ACN 001 263 994 [2005] FCA 633

Morgan, in the matter of Can Can Lingerie Group Pty Limited (Administrators Appointed) ACN 001 263 994 [2005] FCA 633

It is commercially reasonable for the administrators to continue trading and seek an extension to convene the creditors' meeting in order to maximise the value of the company's assets through a possible sale as a going concern; extension is granted under s 439A(6) as requested.

Jurisdiction
Australia
Judgment Date
06 May 2005
Procedural Posture
Corporations Administration Application / Application for Extension of Convening Period for Meeting of Creditors
Outcome
Orders granted as sought; extension to convene creditors' meeting approved.
Legal Topics
['extension of Convening Period' 'administration Proceedings' "creditors' Meetings"]
['corporations Law' 'insolvency'] ['extension of Convening Period' 'administration Proceedings' "creditors' Meetings"]

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Procedural Posture

Corporations Administration Application / Application for Extension of Convening Period for Meeting of Creditors

Legal Issues

  1. 1 ["Whether extension of time to convene the creditors' meeting should be granted" "Reasonableness of administrators' decision to continue trading and explore sale options" 'Procedural fairness regarding lack of contradictor']

Ratio Decidendi

It is commercially reasonable for the administrators to continue trading and seek an extension to convene the creditors' meeting in order to maximise the value of the company's assets through a possible sale as a going concern; extension is granted under s 439A(6) as requested.

Court Disposition

Orders granted as sought; extension to convene creditors' meeting approved.

Orders

  • ['Leave granted to the applicant to make the application instanter.' 'Convening period for meeting of creditors extended up to and including 8 July 2005 pursuant to s 439A(6).' 'Meeting of creditors may be held at any time during, or within five business days after, the extended period notwithstanding s 439A(2).'...