In the matter of Mosman Rowers Limited (Admin Apptd) [2018] NSWSC 1729

In the matter of Mosman Rowers Limited (Admin Apptd) [2018] NSWSC 1729

The time for execution of the DOCA should be extended for a short period, subject to payment of $13,500 towards the costs of administration, as this allows a final opportunity for potential resolution with RMS and may result in a more favourable return to creditors, but no further extension would likely be justified without material change.

Parties
Plaintiff: Timothy Charles James; Defendant: Mosman Rowers Limited (Admin Apptd)
Jurisdiction
Australia
Judgment Date
05 September 2018
Procedural Posture
Corporations – External Administration – Application for Extension of Time to Execute a Deed of Company Arrangement / Decision on Application for Extension of Time to Execute DOCA
Outcome
Extension of time to execute Deed of Company Arrangement granted subject to condition.
Legal Topics
External Administration, Deed of Company Arrangement, Extension of Time, Creditors' Meeting
Corporations Law External Administration Deed of Company Arrangement Extension of Time Creditors' Meeting

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Parties

Timothy Charles James

Plaintiff

Mosman Rowers Limited (Admin Apptd)

Defendant

Procedural Posture

Corporations – External Administration – Application for Extension of Time to Execute a Deed of Company Arrangement / Decision on Application for Extension of Time to Execute DOCA

Legal Issues

  1. 1 Whether the time for the Defendant to execute the Deed of Company Arrangement should be extended
  2. 2 What conditions should be imposed if an extension is granted

Ratio Decidendi

The time for execution of the DOCA should be extended for a short period, subject to payment of $13,500 towards the costs of administration, as this allows a final opportunity for potential resolution with RMS and may result in a more favourable return to creditors, but no further extension would likely be justified without material change.

Court Disposition

Extension of time to execute Deed of Company Arrangement granted subject to condition.

Orders

  • Pursuant to s 447A of the Corporations Act 2001 (Cth), subject to delivery by 4pm on 6 September 2018 of a bank cheque for $13,500 to the voluntary administrators, the time for Mosman Rowers Ltd (Admin Apptd) to execute the DOCA is extended to 5pm on 28 September 2018.
  • There be liberty to any employee of the club affected by the orders to apply.