Hayes, in the matter of Estate Property Group Limited (Administrators Appointed) [2007] FCA 935

FEDERAL COURT OF AUSTRALIA

Hayes, in the matter of Estate Property Group Limited (Administrators Appointed) [2007] FCA 935

CORPORATIONS – extension of convening period for second meeting of creditors of companies in administration Corporations Act 2001 (Cth), ss 439A, 439B, 441A, 447A Fincorp Group Holdings Pty Limited [2007] NSWSC 363, cited

IN THE MATTER OF ESTATE PROPERTY GROUP LIMITED (ADMINISTRATORS APPOINTED) ACN 089 187 548 AND IN THE MATTER OF THE COMPANIES SET OUT IN THE SCHEDULE

JOSEPH DAVID HAYES, MURRAY CAMPBELL SMITH, SCOTT BRADLEY KERSHAW AND COLIN MCINTOSH NICOL IN THEIR CAPACITY AS VOLUNTARY ADMINISTRATORS OF ESTATE PROPERTY GROUP LIMITED (ADMINISTRATORS APPOINTED) AND THE COMPANIES SET OUT IN THE SCHEDULE NSD 1079 OF 2007 IN THE MATTER OF AUSTRALIAN CAPITAL RESERVE LIMITED (ADMINISTRATORS APPOINTED) ACN 089 187 502 GREGORY WINFIELD HALL AND PHILIP PATRICK CARTER IN THEIR CAPACITY AS JOINT AND SEVERAL VOLUNTARY ADMINISTRATORS OF AUSTRALIAN CAPITAL RESERVE LIMITED (ADMINISTRATORS APPOINTED) NSD 1085 OF 2007

GYLES J

15 JUNE 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 1079 OF 2007

IN THE MATTER OF ESTATE PROPERTY GROUP LIMITED (ADMINISTRATORS APPOINTED) ACN 089 187 548 AND IN THE MATTER OF THE COMPANIES SET OUT IN THE SCHEDULE BETWEEN: JOSEPH DAVID HAYES, MURRAY CAMPBELL SMITH, SCOTT BRADLEY KERSHAW AND COLIN MCINTOSH NICOL IN THEIR CAPACITY AS VOLUNTARY ADMINISTRATORS OF ESTATE PROPERTY GROUP LIMITED (ADMINISTRATORS APPOINTED) AND THE COMPANIES SET OUT IN THE SCHEDULE

Plaintiffs

JUDGE: GYLES J

DATE OF ORDER: 15 JUNE 2007

WHERE MADE: SYDNEY

THE COURT ORDERS AND DIRECTS THAT: 1. With respect to each company identified in the Schedule ("Companies") the convening period for the meeting of creditors required to be held under s 439A of the Corporations Act ("the Act") be extended to midnight 23 July 2007. 2. Reserve for further consideration any application to further extend the convening period for the meeting of creditors required to be held under s 439A of the Act with respect to any one or more of the Companies. 3. With respect to each of the Companies, pursuant to s 447A(1) of the Act, Pt 5.3A of the Act is to operate as if: (a) section 439A(1) also provided that the meeting of creditors required by that section may be convened and held within the convening period (including within the convening period as extended pursuant to subs 439A(6)); (b) section 439A(2) of the Act provided that the meeting must be held within five business days from being convened in accordance with subs 439A(3) and subs (4), being a date not necessarily within five business days from the end of the convening period (including the convening period as extended pursuant to subs 439A(6)); and (c) section 439A of the Act operated generally to permit the convening and holding of the meeting of creditors of any one or more of the Companies during the convening period (including the convening period as extended pursuant to s 439A(6)) provided the requirements of subs 439A(3) and subs (4) are complied with. 4. Liberty to apply be granted to any person who can demonstrate a sufficient interest to modify or discharge orders 1, 2 or 3, on not less than 48 hours' notice to the plaintiffs. 5. With respect to so many creditors (including persons claiming to be creditors) as the plaintiffs have a current email address, direct the plaintiffs to inform such creditors by email of these orders, with a copy of these orders to be attached to such emails, by 9.00 pm today. 6. Direct the plaintiffs to forward to the Australian Securities and Investments Commission at Level 18 1 Martin Place, Sydney (marked to the attention of Tim Mullaly) a copy of these orders by 9.00 pm today, either physically or to Mr Mullaly's email address. 7. Adjourn the proceedings for mention on 6 July 2007 at 2.15 pm. 8. Plaintiffs have liberty to apply on 24 hours' notice. 9. These orders be entered forthwith.