In the matter of Keystone Group (Receivers and Managers Appointed) (Administrators Appointed) [2016] NSWSC 1011

In the matter of Keystone Group (Receivers and Managers Appointed) (Administrators Appointed) [2016] NSWSC 1011

Given the complexity of the group’s affairs, ongoing operation by receivers, lack of demonstrated prejudice, and positive approval by senior secured creditors, it is preferable that the extension sought be granted to maximise returns through an orderly sale.

Jurisdiction
Australia
Judgment Date
18 July 2016
Procedural Posture
Corporate Voluntary Administration / Application for Extension of Convening Period
Outcome
Application granted; orders made as sought.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors']
['corporations Law'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors']

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Procedural Posture

Corporate Voluntary Administration / Application for Extension of Convening Period

Legal Issues

  1. 1 ['Should the convening period for the second meeting of creditors be extended under s 439A(6) of the Corporations Act 2001 (Cth)?']

Ratio Decidendi

Given the complexity of the group’s affairs, ongoing operation by receivers, lack of demonstrated prejudice, and positive approval by senior secured creditors, it is preferable that the extension sought be granted to maximise returns through an orderly sale.

Court Disposition

Application granted; orders made as sought.

Orders

  • ['Order extending convening period for second meeting of creditors until end of January 2017.' 'Liberty to apply granted to any person with sufficient interest to seek variation or discharge of extension orders upon appropriate notice to administrators.']