Re Regis Towers Real Estate Pty Ltd (Administrator Appointed) [2005] NSWSC 975

Re Regis Towers Real Estate Pty Ltd (Administrator Appointed) [2005] NSWSC 975

A further extension to 28 February 2006 was appropriate because the delay arose from the need to finalise and approve settlement documentation in related litigation concerning the Caretaker Agreement, the company was continuing to operate profitably, and the administrator considered that both the benefit of a new caretaking agreement and the real estate could be sold satisfactorily. The administrator's remuneration order was also appropriate for the same reasons given in the earlier Regis Towers decisions.

Jurisdiction
Australia
Judgment Date
27 September 2005
Procedural Posture
Application in Voluntary Administration / Application for Extension of Time for Concluding Second Meeting of Creditors and for Administrator Remuneration Order
Outcome
Time extended. Administrator's fees allowed to be paid under an order like that in Re Regis Towers Real Estate [2004] NSWSC 1251.
Legal Topics
['voluntary Administration' 'extension of Time for Second Meeting of Creditors' 'administrator Remuneration' "creditors' Approval of Remuneration"]
['corporations' 'insolvency'] ['voluntary Administration' 'extension of Time for Second Meeting of Creditors' 'administrator Remuneration' "creditors' Approval of Remuneration"]

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Procedural Posture

Application in Voluntary Administration / Application for Extension of Time for Concluding Second Meeting of Creditors and for Administrator Remuneration Order

Legal Issues

  1. 1 ['Whether time should be extended for concluding the second meeting of creditors of the plaintiff to 28 February 2006.' 'Whether an order should be made allowing the administrator to receive remuneration fixed by a resolution passed by a majority in value and a majority in number of creditors.']

Ratio Decidendi

A further extension to 28 February 2006 was appropriate because the delay arose from the need to finalise and approve settlement documentation in related litigation concerning the Caretaker Agreement, the company was continuing to operate profitably, and the administrator considered that both the benefit of a new caretaking agreement and the real estate could be sold satisfactorily. The administrator's remuneration order was also appropriate for the same reasons given in the earlier Regis Towers decisions.

Court Disposition

Time extended. Administrator's fees allowed to be paid under an order like that in Re Regis Towers Real Estate [2004] NSWSC 1251.

Orders

  • ['Orders 2 and 3 in the Second Further Amended Originating Process made.' 'The orders may be entered forthwith.']