In the matter of Orbis Commodities Pty Ltd (administrators appointed) (receiver and manager appointed) [2021] NSWSC 1172

In the matter of Orbis Commodities Pty Ltd (administrators appointed) (receiver and manager appointed) [2021] NSWSC 1172

The interests of creditors are best served by granting a final extension to allow the Solomon Islands Government to put forward a DOCA proposal, which may result in all creditors being paid in full with a surplus, outweighing the disadvantages of further delay.

Jurisdiction
Australia
Judgment Date
26 August 2021
Procedural Posture
Application for Extension of Adjournment of Second Meeting of Creditors / Ex Tempore Judgment Orders for Adjournment
Outcome
Adjournment granted; application allowed
Legal Topics
['extension of Adjournment' 'second Creditors Meeting' 'deed of Company Arrangement (doca)']
['corporations' 'insolvency'] ['extension of Adjournment' 'second Creditors Meeting' 'deed of Company Arrangement (doca)']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Application for Extension of Adjournment of Second Meeting of Creditors / Ex Tempore Judgment Orders for Adjournment

Legal Issues

  1. 1 ['Whether the Court should grant a third extension of the adjournment of the second meeting of creditors' 'Whether the extension is in the best interests of creditors']

Ratio Decidendi

The interests of creditors are best served by granting a final extension to allow the Solomon Islands Government to put forward a DOCA proposal, which may result in all creditors being paid in full with a surplus, outweighing the disadvantages of further delay.

Court Disposition

Adjournment granted; application allowed

Orders

  • ['Leave granted to file the affidavit of Steven Agosta sworn 26 August 2021.' 'Resumption of the adjourned second meeting of creditors of Orbis Commodities Pty Ltd adjourned to 10.00 am on 3 December 2021.' 'Resumption of the adjourned second meeting of creditors of Pacific Investment Holding Pty Ltd adjourned to...