Kaso, in the matter of Speedpanel Australia Ltd (Administrators Appointed) (No 2) [2017] FCA 862

Kaso, in the matter of Speedpanel Australia Ltd (Administrators Appointed) (No 2) [2017] FCA 862

The further extension of the convening period is justified given ongoing negotiations regarding a DOCA, the complexity of the administration, and no opposition; the extension will advance the objects of Pt 5.3A and cause no prejudice.

Parties
Applicant: Sam Kaso; Applicant: Bruno Secatore; Company: Speedpanel Australia Ltd (Administrators Appointed); Company: Speedpanel (Vic) Pty Ltd (Administrators Appointed); Company: Speedpanel Corporate Services Pty Ltd (Administrators Appointed)
Jurisdiction
Australia
Judgment Date
28 July 2017
Procedural Posture
Corporate Insolvency / Application for Extension of Convening Period
Outcome
Application granted
Legal Topics
Extension of Convening Period, Administrators' Duties, Deed of Company Arrangement (doca), Creditors' Meetings
Corporations Law Insolvency Law Extension of Convening Period Administrators' Duties Deed of Company Arrangement (doca) Creditors' Meetings

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 3 Authorities cited 13 Party arguments 2
Sign in to unlock

Parties

Sam Kaso

Applicant

Bruno Secatore

Applicant

Speedpanel Australia Ltd (Administrators Appointed)

Company

Speedpanel (Vic) Pty Ltd (Administrators Appointed)

Company

Speedpanel Corporate Services Pty Ltd (Administrators Appointed)

Company

Procedural Posture

Corporate Insolvency / Application for Extension of Convening Period

Legal Issues

  1. 1 Should the convening period for the second meetings of creditors be further extended under s 439A of the Corporations Act?
  2. 2 Are confidentiality orders protecting annexures to affidavits necessary?

Ratio Decidendi

The further extension of the convening period is justified given ongoing negotiations regarding a DOCA, the complexity of the administration, and no opposition; the extension will advance the objects of Pt 5.3A and cause no prejudice.

Court Disposition

Application granted

Orders

  • The convening period for the second meetings of creditors of Speedpanel Australia Ltd, Speedpanel (Vic) Pty Ltd, and Speedpanel Corporate Services Pty Ltd is extended to and including 29 August 2017.
  • Pt 5.3A of the Corporations Act operates as if the second meeting of creditors can be held during or within five business days after the end of the extended convening period.