In the matter of Tiaro Coal Limited (Administrators Appointed) [2015] NSWSC 2055

In the matter of Tiaro Coal Limited (Administrators Appointed) [2015] NSWSC 2055

Although the administration involved complexities and the administrators needed some time to investigate assets, deed of company arrangement proposals and possible voidable transactions, the material was vague and did not justify the six-month extension sought; a shorter extension of the convening period to 7 August 2015 was appropriate, with liberty to interested persons to apply to vary or set aside the orders.

Jurisdiction
Australia
Judgment Date
30 April 2015
Procedural Posture
Corporations List Application in Voluntary Administration / Application for Extension of Time to Convene Second Meeting of Creditors
Outcome
Convening period for second creditor's meeting extended for a period shorter than sought.
Legal Topics
['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'voidable Transactions']
['corporations' 'insolvency'] ['voluntary Administration' 'extension of Convening Period' 'second Meeting of Creditors' 'deed of Company Arrangement' 'voidable Transactions']

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Procedural Posture

Corporations List Application in Voluntary Administration / Application for Extension of Time to Convene Second Meeting of Creditors

Legal Issues

  1. 1 ['Whether the convening period for the second meeting of creditors should be extended.' 'Whether the evidence justified the six-month extension sought by the administrators.']

Ratio Decidendi

Although the administration involved complexities and the administrators needed some time to investigate assets, deed of company arrangement proposals and possible voidable transactions, the material was vague and did not justify the six-month extension sought; a shorter extension of the convening period to 7 August 2015 was appropriate, with liberty to interested persons to apply to vary or set aside the orders.

Court Disposition

Convening period for second creditor's meeting extended for a period shorter than sought.

Orders

  • ['Pursuant to Corporations Act, s 439A(6), the period within which the applicants must convene the second meeting of creditors of the company be extended up to and including 7 August 2015.' 'Pursuant to s 447A(1), the second meeting of creditors of the company required by s 439A may be held at any time during or...