Kaso, in the matter of Speedpanel Australia Ltd (Administrators Appointed) [2017] FCA 453

Kaso, in the matter of Speedpanel Australia Ltd (Administrators Appointed) [2017] FCA 453

The extension of time for the convening period is appropriate where it allows administrators to complete necessary investigations and prepare reports for creditors, especially when critical business assets are under dispute and no creditor opposition is present.

Parties
Applicant: Sam Kaso and Bruno Secatore (in their capacities as joint and several administrators of Speedpanel Australia Ltd (Administrators Appointed), Speedpanel (Vic) Pty Ltd (Administrators Appointed) and Speedpanel Corporate Services Pty Ltd (Administrators Appointed))
Jurisdiction
Australia
Judgment Date
26 April 2017
Procedural Posture
Corporations Application Under Corporations Act / Application for Extension of Convening Period for Creditors’ Meeting
Outcome
Orders made extending the convening period for the creditors’ meeting.
Legal Topics
Extension of Convening Period, Administration of Companies, Creditors’ Meetings
Corporations Law Corporate Insolvency Extension of Convening Period Administration of Companies Creditors’ Meetings

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Parties

Sam Kaso and Bruno Secatore (in their capacities as joint and several administrators of Speedpanel Australia Ltd (Administrators Appointed), Speedpanel (Vic) Pty Ltd (Administrators Appointed) and Speedpanel Corporate Services Pty Ltd (Administrators Appointed))

Applicant

Procedural Posture

Corporations Application Under Corporations Act / Application for Extension of Convening Period for Creditors’ Meeting

Legal Issues

  1. 1 Whether the convening period for the second meeting of creditors under s 439A of the Corporations Act 2001 (Cth) should be extended

Ratio Decidendi

The extension of time for the convening period is appropriate where it allows administrators to complete necessary investigations and prepare reports for creditors, especially when critical business assets are under dispute and no creditor opposition is present.

Court Disposition

Orders made extending the convening period for the creditors’ meeting.

Orders

  • The convening period for the second meeting of creditors is extended to 29 July 2017.
  • Part 5.3A of the Act is to operate as if the meeting can be held any time during, or within five business days after, the extended convening period.