New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Restructuring

Legal area

Court

30 Oct 2018

RE CBL CORPORATION LTD & ORS (ADMINISTRATORS APPOINTED) [2018] NZHC 2800

Citation

[2018] NZHC 2800
Court

High Court

Given the complexity of the administration, the interdependence of the restructuring on the CBLI liquidation outcome, the practical difficulties of notifying a large and international creditor body, and the short one‑month extension sought, the court exercised its discretion to grant the without‑notice adjournment and extension as consistent with the statutory balancing exercise under the Companies Act and the High Court Rules.
7 Aug 2018

RE CBL CORPORATION LTD & ORS (ADMINISTRATORS APPOINTED) [2018] NZHC 1998

Citation

[2018] NZHC 1998
Court

High Court

The Court granted the adjournment and convening period extension because, applying the Part 15A objectives and relevant statutory powers, the administrators demonstrated that the group's complexity, ongoing asset realisation, potential restructuring and pending CBLI-related proceedings justified a six-month adjournment to maximise prospects of a better return to creditors; there was no demonstrated prejudice and protection was provided by public advertisement and reservation of leave to apply to vary or set aside the orders.