Ruapehu Alpine Lifts Limited v FISK and Anor [2023] NZHC 1053

Ruapehu Alpine Lifts Limited v FISK and Anor [2023] NZHC 1053

The Court granted a limited further extension of the convening period to 13 June 2023 and extended the s239Y termination notice period to the same date because the administrators demonstrated that the administration is complex, a sale as a going concern was likely to maximise returns, the Crown required time to finalise restructuring bids and would fund to 13 June, the Creditors' Committee supported the extension, prejudice to creditors and employees was limited, and the broad power in s239ADO permits procedural adaptations consistent with Part 15A's objectives; accordingly the Court also approved electronic voting via the proposed Link Market Services platform and directed notification...

Citation
[2023] NZHC 1053
Parties
Company (in Administration): Ruapehu Alpine Lifts Limited (Administrators Appointed); Administrator/applicant: John Howard Fisk; Administrator/applicant: Richard John Nacey; Creditor/respondent: ANZ Bank New Zealand Limited; Creditor/respondent: Crown Regional Holdings Limited
Court
High Court
Jurisdiction
New Zealand
Judgment Date
4 May 2023
Procedural Posture
Companies Act Part 15 a Voluntary Administration Extension Application / Without‑notice Urgent Interlocutory Application for Extension of Convening Period and Related Relief
Outcome
Orders granted as sought
Legal Topics
Voluntary Administration, Extension of Convening Period (s239 At), Extension of Employment Termination Notice Period (s239 Y), Electronic Voting at Creditors' Meetings (s239 Ado), Service and Without‑notice Applications, Costs
Companies Law Insolvency Employment Law Civil Procedure Administrative Law Voluntary Administration Extension of Convening Period (s239 At) Extension of Employment Termination Notice Period (s239 Y) +3 more

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Parties

Ruapehu Alpine Lifts Limited (Administrators Appointed)

Company (in Administration)

John Howard Fisk

Administrator/applicant

Richard John Nacey

Administrator/applicant

ANZ Bank New Zealand Limited

Creditor/respondent

Crown Regional Holdings Limited

Creditor/respondent

Procedural Posture

Companies Act Part 15 a Voluntary Administration Extension Application / Without‑notice Urgent Interlocutory Application for Extension of Convening Period and Related Relief

Legal Issues

  1. 1 Whether to extend convening period under s239AT(3) to 13 June 2023
  2. 2 Whether to extend the 14‑day notice period for termination of employment under s239Y(4) to 13 June 2023 and treat wages as an administration expense
  3. 3 Whether to permit electronic voting and appointment of proxies using Link Market Services platform under s239ADO

Ratio Decidendi

The Court granted a limited further extension of the convening period to 13 June 2023 and extended the s239Y termination notice period to the same date because the administrators demonstrated that the administration is complex, a sale as a going concern was likely to maximise returns, the Crown required time to finalise restructuring bids and would fund to 13 June, the Creditors' Committee supported the extension, prejudice to creditors and employees was limited, and the broad power in s239ADO permits procedural adaptations consistent with Part 15A's objectives; accordingly the Court also approved electronic voting via the proposed Link Market Services platform and directed notification...

Court Disposition

Orders granted as sought

Orders

  • Extend convening period under s239AT(3) to an end date of 13 June 2023 (instead of 9 May 2023)
  • Applicants may convene the watershed meeting at any time within the extended period