In the matter of Coalpac Pty Ltd (administrators appointed); Lithgow Coal Company Pty Ltd (administrators appointed); Portland Road Pastoral Co Pty Ltd (administrators appointed); CET Resources Pty Ltd (administrators appointed) [2013] NSWSC 2017

In the matter of Coalpac Pty Ltd (administrators appointed); Lithgow Coal Company Pty Ltd (administrators appointed); Portland Road Pastoral Co Pty Ltd (administrators appointed); CET Resources Pty Ltd (administrators appointed) [2013] NSWSC 2017

A strong case is established for granting an extension of the convening period to 31 January 2014, balancing the prospects of a better return to creditors, proper investigation of company affairs, avoidance of wasted costs, and the lack of opposition from creditors, with minimal detriment to affected parties.

Jurisdiction
Australia
Judgment Date
13 November 2013
Procedural Posture
Interlocutory Application / Application for Extension of Convening Period for Second Meeting of Creditors
Outcome
Extension of convening period for second meeting of creditors granted.
Legal Topics
['management and Administration' 'meetings' 'extension of Convening Period for Second Meeting of Creditors' 'prejudice to Creditors']
['corporations'] ['management and Administration' 'meetings' 'extension of Convening Period for Second Meeting of Creditors' 'prejudice to Creditors']

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Procedural Posture

Interlocutory Application / Application for Extension of Convening Period for Second Meeting of Creditors

Legal Issues

  1. 1 ['Whether extension of convening period for the second meeting of creditors should be granted' "Whether extension is in the best interests of the companies' creditors" 'Whether prejudice to any party would occur']

Ratio Decidendi

A strong case is established for granting an extension of the convening period to 31 January 2014, balancing the prospects of a better return to creditors, proper investigation of company affairs, avoidance of wasted costs, and the lack of opposition from creditors, with minimal detriment to affected parties.

Court Disposition

Extension of convening period for second meeting of creditors granted.

Orders

  • ['Period for convening second meeting of creditors extended to 31 January 2014.' 'Meeting may be held at any time during the extended convening period.' 'Liberty to other interested persons to restore the matter to the Court.' "Costs of and incidental to the application to be costs and expenses in the administration...