Paul Segaert Pty Ltd (Receivers & Managers Appointed) (Administrators Appointed) [2005] NSWSC 144

Paul Segaert Pty Ltd (Receivers & Managers Appointed) (Administrators Appointed) [2005] NSWSC 144

Given the likely completion of an advantageous sale soon after the current convening period, the unanimous support of creditors for the application, and absence of opposition, an extension of 26 days and flexibility for holding the meeting earlier are appropriate.

Jurisdiction
Australia
Judgment Date
09 February 2005
Procedural Posture
Application Under Corporations Act 2001 (cth) S 439 A(6) and S 447 a / Hearing and Determination of Application
Outcome
Application granted
Legal Topics
['voluntary Administration' 'extension of Convening Period' "creditors' Meetings"]
['corporations Law' 'equity'] ['voluntary Administration' 'extension of Convening Period' "creditors' Meetings"]

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Procedural Posture

Application Under Corporations Act 2001 (cth) S 439 A(6) and S 447 a / Hearing and Determination of Application

Legal Issues

  1. 1 ["Whether the convening period for a creditors' meeting should be extended under s 439A(6) of the Corporations Act 2001 (Cth)" 'Whether flexibility should be permitted to hold the meeting earlier under s 447A of the Corporations Act 2001 (Cth)']

Ratio Decidendi

Given the likely completion of an advantageous sale soon after the current convening period, the unanimous support of creditors for the application, and absence of opposition, an extension of 26 days and flexibility for holding the meeting earlier are appropriate.

Court Disposition

Application granted

Orders

  • ["Convening period for the creditors' meeting extended by 26 days under s 439A(6) of the Corporations Act 2001 (Cth)" 'Flexibility granted under s 447A to permit the meeting earlier if administrators are ready' 'Orders made in accordance with formal orders submitted and placed with the papers' 'Orders 2 and 3 may be...