[2005] NSWSC 197
Transtaff Pty Limited ACN 094 353 090 (in administration)
Application granted.
Catchwords
Corporations - Company under administration - notices of proposed creditors' meeting advertised for date after that required by section 439A - application for extension of time to hold meeting - application granted - orders under sections 447A and 1322(4) - failure to hold meeting in 439A time period is an irregularity of a technical or formal nature
Cases cited
- Ricon Constructions Pty Limited (in liq) and Corporations Law; In the matter of(1997) 43 NSWLR 174
- Vouris Re; Epromotions Australia Pty Limited v Relectronic - Remech Pty Limited (in liq)(2003) 47 ACSR 155
Judgment
- [1]
The application brought by the company under administration presently before the Court arises by reason of the fact that the administrator has failed to comply with Section 439A(2) of the Corporations Act in that the second creditors meeting by that section required to be held on or prior to 23 February 2005.
- [2]
Notices of a proposed meeting to be held on 24 February 2005 have regularly been issued and advertised. The consequence is that the administrator applies for the orders, the subject of the application, on the basis that a one day late second creditors meeting is an irregularity of a technical or formal nature: Santow J In the matter of Ricon Constructions Pty Limited (in liq) and Corporations Law (1997) 43 NSWLR 174 at 178.
- [3]
It is to be noted that in Re Vouris; Epromotions Australia Pty Limited v Relectronic – Remech Pty Limited (in liq) (2003) 47ACSR 155 Campbell J set out the scheme of the relevant legislation and importantly at paragraph 56, p 177 followed Ricon Constructions Pty Limited .
- [4]
In the circumstances I am satisfied that the making of the orders sought is entirely appropriate and comprises the proper exercise of the Court’s relevant discretion.
- [5]
It should be noted that according to the report as to affairs provided to the administrator, the only creditors of the company are the directors Mr Easter, Mr Linder and the Deputy Commissioner of Taxation.
- [6]
There is no prejudice shown to any creditor or other party and the authorities to which I have referred and the sections of the Act to which I have referred clearly furnish the Court with power to make the orders which have been made. I certify that paragraphs 1 - 6 are a true copy of the reasons for judgment herein of the Hon. Justice Einstein given on 22 February 2005 revised 7 March 2005 ___________________ Susan Piggott Associate
- [7]
March 2005